Money & Banking

Aviva gets CCI nod for addl stake buy in JV

PTI New Delhi | Updated on January 22, 2018 Published on November 24, 2015

Competition Commission has approved UK insurer Aviva’s proposal to acquire additional 23 per cent stake in its Indian insurance joint venture.

Aviva Life Insurance Company India Ltd is a joint venture between Aviva and Dabur Invest Corp (DIC). The British insurer already has 26 per cent stake in the entity.

Once complete, Aviva’s stake in the venture would increase to 49 per cent, the maximum permissible limit allowed for an overseas player to hold in an Indian insurance firm.

In a tweet today, Competition Commission of India (CCI) said it has approved the acquisition of additional 23 per cent equity of Aviva Life Insurance Company India by Aviva International Holdings Ltd.

Aviva International Holdings has majority of non—UK operations of the Aviva Group in various countries including India, Ireland, Indonesia, Taiwan and Vietnam.

As per the summary of the proposal before the CCI — which keeps a tab on unfair business practices across sectors — Aviva is a holding company while DIC is a special purpose vehicle that does not have any other life insurance business operations in India.

Published on November 24, 2015
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