CCI nod stake buy in ICICI Lombard

New Delhi: Competition Commission has given its nod to private equity major Warburg Pincus’ entity buying 9 per cent stake in leading insurer ICICI Lombard. Under the proposed transaction, Mauritius-based Red Bloom Investment would acquire stake in the insurance firm from FAL Corp as per a share purchase agreement inked in May. An investment holding firm, Red Bloom is part of Warburg Pincus group. In a tweet on Tuesday, the CCI said it has approved “acquisition of 9 per cent stake by Red Bloom Investment in ICICI Lombard General Insurance Company”.