The Competition Commission of India (CCI) has approved acquisition of certain shareholding in Shriram Life Insurance Company Limited by Sanlam Emerging Markets (Mauritius) Ltd.

The proposed combination envisages acquisition of 2.80% of the expanded equity capital of Shriram Life Insurance Company Limited (SLIC) through a preferential issue by Sanlam Emerging Markets (Mauritius) Ltd. (SEMM).

SEMM, incorporated in Mauritius, is a part of Sanlam Group of South Africa. It is a strategic partner of Shriram Group and has investment in India in various Shriram Group entities.

SLIC is a life insurance company, registered with IRDAI and engaged in the business of effecting contracts of insurance upon human life, develop and market a variety of products in the life insurance business, unit-linked life insurance products, and any other activity within the ambit of provisions of Insurance Act, 1938.

Detailed order of the Commission will follow.

Competition approval for minority share acquisition in a life insurer through a preferential issue by a Mauritius investor. Competition Commission of India approved the acquisition of a minority shareholding in Shriram Life Insurance Company Limited by Sanlam Emerging Markets (Mauritius) Ltd through a preferential issue. The transaction involves 2.80% of the expanded equity capital, and the target is a registered life insurance company engaged in life insurance and unit-linked insurance business within the ambit of the Insurance Act, 1938.