The Competition Commission of India (CCI) on Friday said it has approved the acquisition of shares in SBI General Insurance by Napean Opportunities LLP and Honey Wheat.

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The transaction involves the acquisition of 16.01 percent paid-up share capital of SBI General Insurance by Napean Opportunities and 9.99 percent by Honey Wheat Investment Ltd, the CCI said in two separate statements.

State-owned State Bank of India (SBI) in October said its joint venture partner Insurance Australia Group (IAG) would sell entire 26 percent stake in its subsidiary SBI General Insurance to Napean Opportunities and WP Honey Wheat for an undisclosed amount.

The country's largest lender IAG held 70 percent and 26 percent, respectively, in SBI General Insurance.

"The agreements have been reached with Napean Opportunities LLP (an affiliate of Premji Invest) to acquire a 16.01 percent interest and WP Honey Wheat Investment Ltd (Warburg Pincus Group) to acquire a 9.99 percent interest," SBI had said.

The CCI has also approved Sanaka Growth SPV I Ltd's investment in Edelweiss Securities Ltd (ESL).

"The proposed combination relates to investment by Sanaka in ESL and Edelweiss Global Investment Advisory Business (EGIA) subsidiaries of up to INR equivalent to $44 million," the CCI said in another release.

Sanaka's principal activity is that of investment holding and related activities with the objective to achieve long-term capital appreciation, it added.