ICICI Lombard acquisition boosts insurer’s market strength

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Raheja ICICI Lombard
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AZB & Partners advised ICICI Lombard General Insurance on its acquisition of the non-life insurance business of Bharti AXA General Insurance through a share swap deal.

Cyril Amarchand Mangaldas (CAM) advised Bharti AXA General Insurance and Bharti General Ventures, while Talwar Thakore & Associates (TTA) was the legal adviser to AXA.

The acquisition, valued at more than US$50 million, involves the demerger of the non-life insurance business from Bharti AXA, an unlisted company, and subsequent merger into ICICI Lombard, a Bombay Stock Exchange and National Stock Exchange of India-listed company, through a scheme of arrangement.

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