360 ONE and Bharti Life Ventures Seek CCI Approval for Stake in Bharti AXA Life Insurance
February 26, 2025
360 ONE Private Equity Fund and Bharti Life Ventures Private Ltd (BLVPL) have submitted a combination notice to the Competition Commission of India (CCI), seeking approval for a proposed transaction related to Bharti AXA Life Insurance Company Ltd (Bharti AXA Life). The move signals growing private equity interest in India’s insurance sector.
According to the filing, 360 ONE, operating through its schemes or affiliates, plans to initially acquire equity shares of Bharti AXA Life from BLVPL. Following this, both 360 ONE and BLVPL will subscribe to additional equity shares in Bharti AXA Life. 360 ONE is seeking to acquire a 15% stake in Bharti AXA Life Insurance through this agreement.
The transaction falls under Section 5(a)(ii) of the Competition Act, 2002, and is categorized as an acquisition. It is expected to strengthen Bharti AXA Life’s capital structure.
360 ONE Private Equity Fund is a Category II Alternative Investment Fund registered with SEBI, investing across various sectors in India and globally. Its investment manager, 360 ONE Alternates Asset Management Ltd (AAML), is a wholly-owned subsidiary of 360 ONE WAM Ltd. BLVPL, a holding company within the Bharti Group, owns Bharti AXA Life.
Bharti AXA Life Insurance Company Ltd, a private life insurance provider, has a nationwide presence with 212 branches.
The firms maintain that the transaction doesn’t pose any competition concerns, as 360 ONE and the Bharti Group lack direct horizontal overlaps with Bharti AXA Life. However, some of their portfolio companies are engaged in distributing life insurance products, thus establishing a vertical linkage between Bharti AXA Life as an insurance provider and these entities as distributors. Despite this, the parties claim their combined market presence is minimal, and the deal will not significantly modify the competitive dynamics in India’s life insurance and distribution sectors. They have requested that the relevant market definitions remain open, given the transaction’s negligible impact.
The transaction remains subject to CCI approval, which will determine whether it might create any appreciable adverse effect on competition. If approved, the investment by 360 ONE and BLVPL could boost Bharti AXA Life’s financial position. This could allow it to grow its market reach and service offerings.
Economy watchers note that with increasing private equity interest in India’s insurance sector, this deal highlights a growing trend of strategic capital infusion. This is being used to drive growth and innovation within insurance firms.
In March 2024, BLVPL acquired AXA’s 49% stake in Bharti AXA Life Insurance, thereby gaining full ownership of the company. BLVPL is equally owned by Bharti Enterprises Holdings Pvt Ltd and Bharti Overseas Private Limited, entities fully controlled by the Mittal family.
