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The Competition Commission has approved Fairfax Financial Holdings’ proposed acquisition of additional nine percent stake in ICICI Lombard General Insurance Company for an estimated Rs 1,550 crore.
Fairfax will be holding 35 percent in ICICI Lombard following the transaction whereas ICICI Bank will have about 64 percent stake.
The Competition Commission of India said that it has approved “acquisition of additional 9 percent shares in ICICI Lombard General Insurance by FAL Corporation.”
