CCI Clears Ageas Buying Addl Stake, In Ageas Federal Life Insurance Company

Competition Commission of India on Friday approved the proposed acquisition of additional stake in Ageas Federal Life Insurance Company Ltd (AFLI) by Ageas Insurance International NV. Currently, Ageas has 49 per cent shareholding in AFLI. It jointly controls the operations of AFLI along with the other shareholders of the company -- IDBI and Federal Bank, according to an release. Ageas is the holding company of the Ageas group.

It is an international insurance group having business activities in Europe and Asia. AFLI is into providing life insurance products in India. According to another release, the fair trade trade regulator has cleared the deal whereby CPPIB would increase its voting rights in ReNew Energy Global. The transaction involves an increase in proportion of voting rights held by Canada Pension Plan Investment Board (CPPIB) in ReNew Energy Global plc as a result of repurchase programme announced by ReNew Power to buyback Class A ordinary shares.

Post the buyback, the aggregate number of voting shares of ReNew is expected to decrease, which may lead to a increase in the voting rights held by CPPIB. ReNew Power is engaged in the business of generating electricity through renewable energy sources. Besides, CCI has given its nod for acquisition of over 30 per cent stake in CitiusTech by Bain entities. The stake will be purchased by Bain Capital Investors, LLC (Bain Capital) and Bain Capital Credit Member, LLC and Bain Capital Credit Member II, Ltd (Bain Credit).

Bain Capital is a private equity investment firm that invests through its family of funds in companies. CitiusTech currently owns 80 per cent stake in CitiusTech Healthcare Technology Private Ltd, which is a healthcare technology services and solutions provider. Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices in the market place.

(PTI)