The Competition Commission of India (CCI) on 17 July 2015 approved the proposed deal related to a Joint Venture Aegon Religare Life Insurance Company where Religare Enterprises will now exit this joint venture.
Under the transaction, Religare Enterprises will sell its entire holding in the life insurance joint venture while existing shareholders including the Netherlands-based Aegon and Bennett, Coleman & Co Ltd (BCCL) will hike their stakes.
Post deal, Aegon, BCCL and K P Corporate Solutions will have 49 percent, 48.585 percent and 2.415 percent stake respectively in the company. Currently, Aegon, BCCL, Religare and K P Corporate Solutions Ltd are the joint venture partners of Aegon Religare Life Insurance Company Ltd (ARLIC).
Aegon, a global provider of life insurance, pension and asset management, operates in the Indian life insurance space through its shareholding in ARLIC. While, BCCL has presence in media, print, TV and Internet segments. BCCL is present in the domestic life insurance sector through its stake in ARLIC.
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What: Approved by CCI
When: 17 July 2015