The Competition Commission of India (CCI) approves acquisition of shares in SBI General Insurance by Napean Opportunities LLP.

The proposed combination relates to the acquisition of 16.01% paid up share capital of SBI General Insurance Company Limited (SBI General Insurance) by Napean Opportunities LLP (Napean).

The Napean is a newly incorporated entity and belongs to PI Opportunities Fund – I and Azim Premji Trust.

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.

Competition approval for a minority acquisition in an insurer by an investment vehicle, clearance subject to detailed order. The Competition Commission of India approved a proposed acquisition by Napean Opportunities LLP, an investment vehicle linked to PI Opportunities Fund - I and Azim Premji Trust, of a minority paid-up shareholding in SBI General Insurance Company Limited, a provider of a full range of general insurance products; the CCI indicated that a detailed order will follow.