The Competition Commission of India (CCI) has approved the proposed acquisition of 16.12% shareholding in Shriram LI Holdings Private Limited by Sanlam Emerging Markets (Mauritius) Limited.

The proposed combination envisages the acquisition of 16.12% shareholding in Shriram LI Holdings Private Limited (SLIH) by Sanlam Emerging Markets (Mauritius) Limited (SEMM) from its existing shareholders.

SLIH is the promoter and holding company of Shriram Life Insurance Company Limited (SLIC). SLIH has a 74.56% stake in SLIC.

SEMM, incorporated in Mauritius, is a 100% subsidiary of Sanlam Limited, South Africa. It is part of the Sanlam Group.

Detailed order of the CCI will follow.

Merger control clearance for acquisition of a minority stake in a life-insurance holding prompts detailed regulatory order to follow. The proposed combination involves Sanlam Emerging Markets (Mauritius) Limited acquiring a minority shareholding in Shriram LI Holdings Private Limited, the promoter and holding company of Shriram Life Insurance Company Limited, which itself holds a majority interest in the insurer; the transaction was cleared under the competition review process and a detailed order will follow.