Sanlam Emerging Markets (Mauritius) Limited
Case brief
What is this about?
The Competition Commission of India approved a proposed combination under Section 31(1) of the Competition Act, 2002, where Sanlam Emerging Markets (Mauritius) Limited acquired a 16.12% stake in Shriram LI Holdings Private Limited. The Commission found no appreciable adverse effect on competition despite vertical interfaces in insurance distribution.
What did the court decide?
Approval of the proposed combination under Section 31(1) of the Competition Act, 2002.
What the court decided
COMPETITION COMMISSION OF INDIA
Combination Registration No. C-2024/05/1143
23rd July 2024
Notice under Section 6(2) of the Competition Act, 2002 given by Sanlam Emerging Markets (Mauritius) Limited
CORAM:
Ms. Ravneet Kaur Chairperson Mr. Anil Agrawal Member
Ms. Sweta Kakkad Member
Mr. Deepak Anurag Member
Order under Section 31(1) of the Competition Act, 2002
- On 15th May 2024, the Competition Commission of India ( Commission ) received a notice ( Notice ) under sub-section (2) of Section 6 of the Competition Act, 2002 ( Act ), given by Sanlam Emerging Markets (Mauritius) Limited ( SEMM ). The Notice was given pursuant to execution of the Share Purchase Agreement between Shriram LI Holdings Private Limited ( SLIH ), Shriram Life Insurance Company Limited ( Shriram Life Insurance ), TPG India Investments II Inc. ( TPG ), and SEMM on 10th April 2024; and the Share Purchase Agreement between SLIH, Shriram Life Insurance, Shriram Ownership Trust ( SOT ), and SEMM on 10th April 2024.
Issues for consideration
3 issues framed by the court
Whether the proposed acquisition by SEMM of 16.12% share capital of SLIH is likely to cause appreciable adverse effect on competition in India.
Whether the vertical interface between insurance provision and distribution activities raises foreclosure concerns.
Whether the proposed combination should be approved under Section 31(1) of the Competition Act, 2002.
Parties & counsel
- applicant
Sanlam Emerging Markets (Mauritius) Limited
Coram
Ravneet Kaur
Anil Agrawal
Sweta Kakkad
Case details
As recorded by the court registry
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