CCI Approves AXA Raising Stake in Insurance JVs With Bharti

New Delhi: The Competition Commission of India (CCI) on Wednesday approved European financial services giant AXA's proposal to hike its stake from 26 per cent to 49 per cent in its two insurance ventures with Sunil Mittal-led Bharti Group - Bharti AXA Life Insurance and Bharti AXA General Insurance.

Fair trade regulator CCI said it has approved the proposed transactions. Earlier this month, the Foreign Investment Promotion Board (FIPB) had approved the two deals worth Rs 1,290 crore.

AXA is the first foreign partner to increase its stake in a domestic insurance company after the government had approved up to 49 per cent FDI in the insurance sector in March, compared to 26 per cent earlier.

More foreign partners are expected come forward and raise stake in the Indian insurance business.

Separately, CCI also approved GE's acquisition of Alstom's thermal, power, renewable power and grid businesses.

The competition watchdog said it has also approved acquisition of signaling business of GE by Alstom.