As per the terms of the transaction, Religare will offload its entire holding in the Aegon Religare Life Insurance Company, marking its exit from the insurance business, reported Press Trust of India (PTI).
While approving the transaction, the regulator said the proposed deal would not adversely impact competition in India.
A statement by CCI was cited by PTI as saying: "It is observed that parties do not provide any similar or identical or substitutable products or services in India."
"…BCCL also does not have any presence in the life insurance sector in India except through its stake in ARLIC and its insignificant indirect shareholding in two insurance brokerage companies, namely SMC Insurance Brokers Pvt Ltd and AB Insurance Brokers Pvt Ltd."
Aegon, a life insurance, pension and asset management services provider, operates in the life insurance segment through its shareholding in ARLIC.
Currently, Aegon, BCCL, Religare and K P Corporate Solutions are the joint venture partners of Aegon Religare Life Insurance Company Ltd (ARLIC).
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Following the completion of the transaction, Aegon, BCCL and K P Corporate Solutions will have 49%, 48.58% and 2.41% stakes, respectively, in the life insurance JV.