CCI competition order C-2026/02/1383 · 03 Mar 2026
Official title
Central Bank of India
Summary
Check the official recordThe Competition Commission of India approves the acquisition of equity stakes in Generali Central Life Insurance Company Limited and Generali Central Insurance Company Limited by Central Bank of India. The Acquirer purchases a 0.82 percent stake in the life insurance entity and a 1.09 percent stake in the general insurance entity from Future Corporate Resources Private Limited. This transaction increases the shareholding of the Acquirer in both entities to 26 percent. The Commission finds no horizontal overlaps between the parties. It identifies a vertical linkage between insurance product provision and distribution services but determines the market impact is insignificant. The Commission concludes the combination does not cause an appreciable adverse effect on competition in India.
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COMPETITION COMMISSION OF INDIA Combination Registration No. C-2026/02/1383
3rd March 2026
Notice under Section 6(2) of the Competition Act, 2002 given by Central Bank of India
CORAM: Ms. Ravneet Kaur Chairperson
Mr. Anil Agrawal Member
Ms. Sweta Kakkad Member
Order under Section 31(1) of the Competition Act, 2002
On 13th February 2026, the Competition Commission of India (Commission) received a Notice under Section 6(2) of the Competition Act, 2002 (Act) given by Central Bank of India (Central Bank/Acquirer). The Notice relates to the acquisition by the Acquirer of 0.82% equity stake in Generali Central Life Insurance Company Limited (GCLICL) and 1.09% equity stake in Generali Central Insurance Company Limited (GCICL) from Future Corporate Resources Private Limited (FCRPL) (hereinafter GCICL and GCLICL are collectively referred to as the “Target Entities”) (Proposed Combination). FCRPL is presently undergoing corporate insolvency resolution process (CIRP) under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC) and the Resolution Professional of FCRPL had issued a Process Note dated 26th February 2025 inviting submission of bids for the sale of identified assets of FCRPL which included 0.82% equity stake of FCRPL in GCLICL and 1.09% equity stake of FCRPL in GCICL. Pursuant to the Process Note, the Acquirer submitted its initial bid dated 9th April 2025 (which was subsequently revised) for the identified assets (Bid) and the Notice has been filed pursuant to the same.
The Commission noted that a notice had been filed by the Acquirer earlier, on 14th January 2026 (assigned Combination Regn. No. C-2026/01/1368), for the Proposed Combination. However, at the request of the Acquirer, the withdrawal and refiling of the same was allowed by the Commission subject to compliance of the conditions of Regulation 16 of The Competition Commission of India (Combinations) Regulations, 2024 (Combination Regulations). Accordingly, the Acquirer filed the Notice.
The Commission observed that the Acquirer currently holds shareholding in GCICL and GCLICL and pursuant to the Proposed Combination, the shareholding of the Acquirer in each of GCICL and GCLICL will increase to 26%.
The Acquirer is a public sector bank engaged in provision of banking services (including acceptance of deposits, lending, and provision of allied financial services) in India.
The shareholding of both the Target Entities is held by Generali Participations Netherlands N.V. (Generali), Central Bank, and FCRPL. GCICL offers a range of insurance products and services across general (non-life) insurance sectors viz., health insurance, motor insurance, home insurance, travel insurance etc. GCLICL offers a range of life insurance products and services designed to meet various financial needs and goals viz., term insurance, endowment plans, unit linked insurance plans etc.
First and foremost, the Commission considered the nature of the Proposed Combination and observed that the incremental shareholding being acquired by Central Bank seen together with the existing and post the Proposed Combination control dynamics of the Target Entities, the Proposed Combination is not likely to alter the operational dynamics of any market segment that can be plausibly considered as relevant.
Nonetheless, the Commission considered the activities of Central Bank and the Target Entities for the purpose of mapping of overlaps/linkages for the purposes of competition assessment. Accordingly, based on the information given by the Acquirer, the Commission observed that there are no horizontal overlaps between the activities of Central Bank and that of the Target Entities. A vertical linkage can be identified between the upstream market segment comprising provision of life and non-life insurance products and the downstream market segment comprising the distribution of such insurance products by banks and other corporate agents/distributors. As regards the same, the Commission considered the extent of presence of the Target Entities upstream and that of the Acquirer downstream and observed that the same is insignificant to cause any change in competition dynamics of any plausible market(s) that could be delineated for the purposes of competition assessment. Accordingly, the question of exact delineation of relevant market(s) is also left open.
Considering the material on record, including the details provided in the Notice and the assessment of the Proposed Combination based on the factors stated in Section 20(4) of the Act, the Commission is of the opinion that the Proposed Combination is not likely to have appreciable adverse effect on competition in India. Therefore, the Commission approves the Proposed Combination under Section 31(1) of the Act.
The order may be revoked if, at any time, the information provided by the Acquirer is found to be incorrect.
The Secretary is directed to communicate to the Acquirer accordingly.
