CCI Approves Shriram Group Entities Amalgamation
Jan 16, 2024 21:12
India's competition watchdog, CCI, has approved the amalgamation of various Shriram Group entities, including Shriram General Insurance and Shriram Life Insurance. The move consolidates the financial services conglomerate's presence in the market.
Photograph: Kind courtesy Shriram Life
New Delhi, Jan 16 (PTI) Fair trade regulator CCI on Tuesday cleared the proposed combination involving the merger of various entities of the Shriram Group.
The proposed combination relates to the amalgamation of Shriram GI Holdings Pvt Ltd with Shriram General Insurance Company Ltd.
Shriram General Insurance Company is a joint venture between Shriram Capital and Sanlam Ltd (South Africa). It is an Irdai-licensed company, offering a wide range of general insurance solutions.
"CCI approves the proposed amalgamation of Shriram GI Holdings Private Limited with Shriram General Insurance Company Limited," the regulator said in a post on social media platform X.
The competition watchdog also granted its approval to the proposal for the merger of Shriram LI Holdings Pvt Ltd with Shriram Life Insurance Company Ltd.
Shriram Life Insurance Company is jointly promoted by Shriram Group and South Africa-based financial services firm Sanlam Group.
The Shriram Group is one of the largest and well-respected financial services conglomerates. Its main line of activities in financial services includes truck financing, consumer durable financing, stock broking, insurance broking, and life insurance, etc.
Both Shriram GI Holdings and Shriram LI Holdings undertake the business of investments.
The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
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