Comments
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.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.