CCI clears Fairfax Financial Holdings deal
Q. CCI has cleared which acquisition of Fairfax Financial Holdings?- Published on 30 Dec 15a. ICICI Prudential.
b. ICICI Bank
c. ICICI Lombard GIC
d. None of the above
ANSWER: ICICI Lombard GIC
Prem Watsa run Fairfax Financial Holdings’ proposed acquisition of additional nine per cent stake in ICICI Lombard General Insurance Company for an estimated Rs. 1,550 crore has received clearance from CCI. Following the transaction, Fairfax will hold 35 per cent in ICICI Lombard, while ICICI Bank will have about 64 per cent stake. The proposed transaction values the company at Rs. 17,225 crore ($ 2.6 billion), Fairfax had said. Earlier, foreign partners were only allowed to hold 26 per cent stake in an insurance venture which has now been increased to 49 per cent after the passage of the Insurance Laws (Amendment) Act earlier this year.
