New Delhi [India], July 15 (ANI): The Competition Commission of India (CCI) on Friday said it has approved the acquisition of Ageas Federal Life Insurance Company Limited by its group company Ageas Insurance International NV.
The proposed combination pertains to the acquisition of further shareholding in Ageas Federal Life Insurance Company Limited (AFLI) by Ageas Insurance International NV (Acquirer), CCI said in a statement.
Ageas is the ultimate holding company of the Ageas group, it is an international insurance group having business activities in Europe and Asia. The products and service offered by the Ageas group globally include life insurance products, general non-life insurance products, reinsurance services and distribution of insurance products.
Ageas Federal Life Insurance Company Limited (AFLI) is engaged in the business of providing life insurance products in India under the category of term plan, child plan, ULIP plan, saving plan, retirement solutions, health plan, group plan, online plans, etc. Ageas currently has 49 per cent shareholding in AFLI and it jointly controls the operations of AFLI along with the other shareholders viz., IDBI and Federal Bank. (ANI)
CCI approves change in voting rights in ReNew Energy Global
New Delhi [India], July 15 (ANI): The Competition Commission of India (CCI) on Friday said it has approved the increase in the proportion of voting rights held by the Canada Pension Plan Investment Board (CPPIB) in Gurugram-based ReNew Energy Global plc (ReNew).
The proposed combination envisages an increase in the proportion of voting rights held by the Canada Pension Plan Investment Board (CPPIB) in ReNew Energy Global plc as a result of repurchase programme to buyback Class A Ordinary Shares (i.e., shares carrying voting rights) announced by ReNew (Buyback), CCI said in a statement.
As a result of the Buyback, the aggregate number of voting shares of ReNew is expected to decrease, which may lead to a corresponding increase in the proportion of voting rights held by CPPIB.
CPPIB is an investment management organisation. It invests the funds transferred to it by the Canada Pension Plan Fund (CPP Fund) that are not needed by the CPP Fund to pay current benefits on behalf of 21 million contributors and beneficiaries.
ReNew, along with its subsidiaries and joint ventures, is engaged in the business of generating electricity through non-conventional and renewable energy sources. (ANI)
