Competition Comm clears stake purchase in ICICI Lombard

Competition Commission has given its nod to private equity major Warburg Pincus' entity buying 9 per cent stake in leading insurer ICICI Lombard.

Under the proposed transaction, Mauritius-based Red Bloom Investment would acquire stake in the insurance firm from FAL Corp as per a share purchase agreement inked in May.

An investment holding company, Red Bloom is part of Warburg Pincus group.

In a tweet today, the Competition Commission of India (CCI) said it has approved "acquisition of 9 per cent stake by Red Bloom Investment in ICICI Lombard General Insurance Company".

In another tweet, the regulator said it has cleared the merger of Chennai Network Infrastructure into GTL Infrastructure.

Both companies are into the telecom infrastructure space.

CCI keeps a tab on unfair business practices across sectors and transactions beyond a certain threshold require the regulator's approval.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)