CCI approves stake buy by PNB in MetLife India Insurance
- Not RSSâ job to chant âNamo, Namoâ, canât cross limits for BJP: Mohan Bhagwat
- Missing Malaysia Airlines: âFakeâ passports mystery deepens
- Mocking Nitishâs âPM hopesâ, Modi woos Muslims, Yadavs
- Arvind Kejriwal accused of influencing TV interview
- Dalit teen canât pay to cheat in exam, immolates himself
Fair trade regulator CCI has approved 30 per cent stake purchase by state-owned Punjab National Bank (PNB) in MetLife India Insurance Company.
The Competition Commission of India (CCI) said the deal would not have any adverse impact on the competition scenario.
In its order on December 26, CCI noted that operations of PNB and MetLife India are not similar or identical.
"Although PNB provides services to MetLife India as a distribution agent, the share of MetLife India in the business of life insurance is relatively insignificant and is not likely to raise any adverse effect on competition in India," CCI said.
In 2011, PNB had announced picking up of 30 per cent stake or about 60.38 crore shares in MetLife India for an undisclosed amount.
Besides, the two entities had reached an agreement following which PNB is acting as an agent of MetLife India for the distribution of its insurance products.
MetLife India is a joint venture between MetLife International (an affiliate of US-based MetLife Inc) and group of Indian investors.
Both PNB and MetLife India had approached the fair trade regulator for approval on December 7, 2012.
- Eight held for ‘attacking’ Dalit wedding procession in Sabarkantha
- 90 airports on alert to check movement of cash ahead of elections
- Notices to 23 hospitals for withdrawing facility
- Sindhis threaten to move HC if Sindhu Sagar not cleaned
- In Mumbai, teacher’s love story with student ends in her arrest
- Govt dismisses AAP allegations
- AAP workers stage protest outside Kejriwal’s residence over ticket distribution
- BJP boycotts NDTV over news gaffe | The Indian Express
- Out of the promised 50,000 homes for the poor, not even 50 constructed in Gujarat by BJP: Kejriwal
- Kejriwal Gujarat tour: The unfamiliar politician | The Indian Express