The Competition Commission of India (CCI) approves acquisition of shares in SBI General Insurance by Honey Wheat.

The proposed combination relates to the acquisition of around 9.99% of the equity share capital of SBI General Insurance Company Limited (SBI General Insurance) by Honey Wheat Investment Limited (Honey Wheat).

Honey Wheat is a part of the Warburg Pincus group, which is stated to have investments over $79 billion in more than 880 companies, across 40 countries including the United States of America, Canada, Brazil, Austria, Egypt, United Arab Emirates, Germany, the Netherlands, Poland, Spain, Switzerland, United Kingdom, China, Vietnam, Singapore, India and Indonesia.

SBI General Insurance is engaged in the business of providing general insurance products in India. The insurance products offered include motor, health, personal accident, travel, home, aviation, fire, marine, package, construction and engineering and liability insurance.

Detailed order of the CCI will follow.

Merger control: approval of a minority share acquisition in a general insurer under competition law with conditions pending order. The Competition Commission of India approved Honey Wheat Investment Limited's acquisition of a minority equity stake in SBI General Insurance, treating it as a notifiable combination under the merger control regime. The notification identifies Honey Wheat as an investor within a global investment group and SBI General Insurance as a provider of diverse general insurance products in India. A detailed CCI order setting out any conditions or further findings will follow.