New Delhi, Nov. 28 -- The Insurance Regulatory and Development Authority of India (IRDAI), on Friday approved, in principle, the acquisition of the non-life insurance business of Bharti Axa General Insurance Company Ltd by ICICI Lombard General Insurance Company Ltd.
In a statement ICICI Lombard said it is progressing applications for receipt of requisite approval from other regulators concerned for the transaction.
Upon closing of the proposed transaction, the consolidated entity will have a market share of about 8.7 per cent on proforma basis in the non-life business.
The proposed transaction is expected to result in value creation for all stakeholders through meaningful revenue and operational synergies.
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