CCI nod to Sundaram Finance's additional stake buy in Royal Sundaram
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CCI nod to Sundaram Finance's additional stake buy in Royal Sundaram

Competition Commission has approved Sundaram Finance's proposed Rs 450 crore deal to buy out UK-based RSA Group's entire 26 per cent stake in their venture Royal Sundaram Alliance Insurance Company.

 PTI   
  • New Delhi,  June 4, 2015  
  • |  
  • UPDATED   09:41 IST
CCI nod to Sundaram Finance's additional stake buy in Royal Sundaram
Picture for representation purpose only. Source: Reuters

Competition Commission has approved Sundaram Finance's proposed Rs 450 crore deal to buy out UK-based RSA Group's entire 26 per cent stake in their venture Royal Sundaram Alliance Insurance Company.

RSA Group decided to exit Royal Sundaram Alliance by offloading its 26 per cent stake and the same was announced in February this year.

Post stake sale, Royal Sundaram would be a 100 per cent subsidiary of Sundaram Finance and its associates.

In a tweet on Wednesday, Competition Commission of India (CCI) said it has approved Sundaram Finance's acquisition of additional stake of 26 per cent in Royal Sundaram.

Royal Sundaram Alliance was the first private general insurance company, which was granted licence in 2000, following opening up of the sector.

It offers motor, health, personal accident, home and travel insurance, among others.

In another tweet, CCI said it has cleared the acquisition of passive infrastructure assets of KEC International Limited by ATC Telecom Tower.

Infrastructure firm KEC International, in April, said it has entered into a pact with ATC Telecom Tower for sale of telecom assets in Chhattisgarh, Meghalaya and Mizoram, comprising 381 telecom sites.