IRDAI gives in-principle approval for Bharti AXA-ICICI Lombard merger deal

The Insurance Regulatory and Development Authority of India (IRDAI) has given its in-principle approval for the merger of Bharti AXA General Insurance with ICICI Lombard.
The merged entity will have a market share of around 8.7 percent on proforma basis in the general insurance business.
The Competition Commission of India (CCI) has already approved the acquisition of the two entities while approvals request from other concerned regulators for the transaction has been applied.