The Competition Commission of India (CCI) on Monday said it has approved the acquisition of general insurance business of Bharti AXA by ICICI Lombard. Marking a major consolidation move in the insurance space, the proposed deal was announced in August this year.

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Pursuant to the proposed combination, the entire general insurance business of Bharti AXA would be transferred by way of a demerger to ICICI Lombard in consideration of issuance of shares by ICICI Lombard to Bharti AXA, an official release said. "Commission approves acquisition of General Insurance Business of Bharti AXA@BhartiAXAGI by ICICI Lombard @ICICILombard," the fair trade regulator said in a tweet.

A general insurance company, Bharti AXA is a joint venture between Bharti General Ventures Private Ltd and Societe Beaujon. ICICI Lombard is a general insurance company.