What happened
The Competition Commission of India (CCI) approved a proposed acquisition of certain equity shareholding in Bharti Life Insurance Company Limited (Target) by Prudential Corporation Holdings Limited (Acquirer).
In the proposed combination, Prudential Corporation Holdings Limited would acquire certain equity shareholding in Bharti Life Insurance Company Limited.
The proposed acquisition is framed by the government as an insurance-sector “combination” involving a Target insurer that is licensed by the insurance regulator in India and an Acquirer that operates insurance and asset management businesses across regions.
Background and earlier position
The Target, Bharti Life Insurance Company Limited, is an IRDAI-licensed insurer incorporated in India. Bharti Life Insurance Company Limited is engaged in the provision of life insurance in India.
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