IRDAI gives in-principle approval to Bharti AXA-ICICI Lombard merger
IRDAI has given in-principle approval for ICICI Lombard to acquire Bharti Axa General Insurance. ICICI Lombard said, they are progressing applications for receipt of requisite approval from other regulators for the transaction.
The merged entity will have a market share of around 8.7 per cent on proforma basis in the general insurance business.
The IRDAI in-principle approval comes after the Competition Commission of India (CCI) gave its approval for the deal.