The Competition Commission of India has approved BNP Paribas Cardif’s proposed acquisition of a 26% stake in IndiaFirst Life Insurance Company from private equity firm Warburg Pincus. Pasted text
The Competition Commission of India (CCI) has cleared BNP Paribas Cardif’s proposal to acquire a stake in IndiaFirst Life Insurance Company Ltd.
BNP Paribas Cardif had announced in July that it entered into a definitive agreement to acquire a 26% stake in IndiaFirst Life from private equity firm Warburg Pincus.
Following completion of the transaction, Bank of Baroda will hold 65% of IndiaFirst Life, BNP Paribas Cardif will own 26%, while Union Bank of India will retain 9%.
BNP Paribas Cardif is the insurance arm of France-based financial services group BNP Paribas and operates through bancassurance partnerships. IndiaFirst Life is a private life insurer promoted by Bank of Baroda.
The insurer said the transaction represents another step in BNP Paribas Cardif’s international growth and diversification strategy and will strengthen its presence in Asia, particularly India.
In a separate transaction, the CCI also approved Crystal Crop Protection Ltd’s acquisition of 100% of FMC India Pvt Ltd from FMC Netherlands Holdings II BV and its affiliates.
Crystal Crop, incorporated in 1994, operates in crop protection products, seeds and agricultural equipment. FMC India manufactures and markets products including insecticides, herbicides, fungicides, seed treatments and plant health and nutrition products.
FMC Corporation had announced in May that it signed a definitive agreement to sell FMC India to Crystal Crop Protection for $252 million. Pasted text
