First out of FDI gates: TT&A, AZB help AXA ramp up Bharti insurance JV stake by $193m

Wednesday, 2 December 2015 By Legally India Corporate M&A

Talwar Thakore & Associates (TT&A), advised the AXA Group in the increase of its equity stake from 26 per cent to 49 per cent in its Indian life and general insurance joint ventures with the Bharti group member Bharti AXA Life Insurance Company Limited and Bharti AXA General Insurance Company Limited, which were advised by AZB & Partners in Delhi.

The TT&A team included partner Kunal Thakore and associate Deepa Christopher, while executive chairman Vinod Dhall and associate Sonam Mathur advised on competition law aspects.

AZB’s team included partners Gautam Saha and Sachin Mehta.

AXA will invest another Rs 1,290 crore in both joint venture companies, reported Mint.

AXA is the first foreign insurer to procure all regulatory approvals (from the Foreign Investment Promotion Board, the Insurance Regulatory and Development Authority of India and the Competition Commission of India) and complete the increase of its stake in its Indian joint ventures following the increase in the foreign investment permitted in the insurance sector.

Talwar Thakore & AssociatesAZB & Partners

Comments

Guest/\ 2 Dec 2015, 12:58
+2 -1
I am slightly doubtful of the IRDAI approval - unless its an unwritten in-principle clearance, since the applicable amended regulations on FDI caps are still not out from the IRDAI. Could someone please shed some light?
Guest/\ 2 Dec 2015, 13:22
+0 -0
@kian, @prachi
outsider 2 Dec 2015, 16:48
+3 -2
dear guest, kindly read the relevant insurance regs. carefully. now do not come back asking which regs.
Guest/\ 7 Dec 2015, 09:41
+2 -0
Tone down the aggression boy. I did check the "relevant insurance regs" and 10(f) of the same will still need to be technically amended. I understand the regulator has missed this and in any case, has started approving FDI increases without notifying the final FDI computation methodology - which is nevertheless a welcome step.
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