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South Africa's Sanlam cleared to up stake beyond 50 percent in two Indian insurance JVs

( July 23, 2024, 23:50 GMT | Official Statement) -- MLex Summary: South African financial services group Sanlam has received approval from the Indian antitrust watchdog to increase its shareholding in its two insurance joint-venture companies with South India-based Shriram Group. Sanlam will increase its stake in Shriram General Insurance and Shriram Life Insurance by 16.12 percent. Sanlam will acquire the shares currently held by TPG Capital and Shriram Ownership Trust, taking its stake beyond 50 percent in both insurance companies: 54.4 percent in the life insurer and 50.99 percent in the non-life insurance venture, based on the merger filings. The investment will be made through Sanlam's Mauritian subsidiary, Sanlam Emerging Markets Mauritius, the Competition Commission of India said in two statements on Tuesday evening. Statements from the Competition Commission of India follow:...

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