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

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

SGIH is the promoter and holding company of Shriram General Insurance Company Limited (SGIC).  SGIH holds 66.64% stake in SGIC.

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.

Competition clearance granted for a foreign investor's minority acquisition in an insurer holding company. The Competition Commission of India granted competition clearance for Sanlam Emerging Markets (Mauritius) Limited to acquire a 16.12% shareholding in Shriram GI Holdings Private Limited, the promoter and holding company that holds 66.64% in Shriram General Insurance Company Limited; Sanlam Emerging Markets (Mauritius) Limited is a Mauritius-incorporated wholly-owned subsidiary within the Sanlam Group and a detailed CCI order will follow.