CCI clears Sundaram Finance's additional stake buy in Royal Sundaram

NEW DELHI: The Competition Commission of India has given its nod to Sundaram Finance’s acquisition of additional 26%stake in Royal Sundaram Alliance Insurance Company for Rs 450 crore.

“The combination is not likely to impact the competition in India. We have given for nod to the deal,” said a CCI official.

Sundaram Finance currently holds 49.90% in the the company (its JV with UK based RSA Group) and the acquisition would increase its holding to 75.90%

Royal Sundaram is the first private non-life insurance company licenced to operate in India and offers a range of innovative general Insurance products, including motor, health, personal accident, home and travel insurance.