CCI approves Sun Life’s acquisition of 23% more stake in BSLI

NEW DELHI: The Competition Commission of India ( CCI) has approved Sun Life’s acquisition of 23% more stake in Birla Sun Life Insurance ( BSLI), a joint venture between Aditya Birla Nuvo and Sun Life Financial.

This will increase Canada’s Sun Life’s stake in BSLI from 26% to 49%. “CCI approves acquisition of additional 23% equity of Birla Sun Life Insurance by Sun Life Financial (India) Insurance Investments,” CCI said on Monday.

The 23% stake sale will fetch Aditya Birla Nuvo Rs 1,664 crore. BSLI is a private life insurance player in India, with a new business premium market share of 7.9% as of September 30, 2015.