Sanlam Emerging Markets (Mauritius) (SEMM), part of Sanlam Group of South Africa, has received approval to acquire a stake in Shriram Life Insurance Company.
The proposed combination envisages acquisition of 2.80% of the expanded equity capital of Shriram Life Insurance Company (SLIC) through a preferential issue.
The approval was granted by the Competition Commission of India.
SEMM is a strategic partner of Shriram Group and has investments in India, in various Shriram Group entities. SLIC is a life insurance company, registered with IRDAI and engaged in the business of effecting contracts of insurance upon human life, develop and market a variety of products in the life insurance business, unit-linked life insurance products and any other activity within the ambit of provisions of Insurance Act, 1938.