On July 19, 2018, CCI approved Carmel Point Investment Limited’s (‘CPIL’) acquisition of certain shares in IndiaFirst Life Insurance Company Limited (‘IndiaFirst’).[1] The acquisition involved a transfer of 26% of IndiaFirst’s shares to CPIL, on a fully diluted basis. CPIL also gained certain affirmative rights in IndiaFirst, and the right to nominate director(s) on IndiaFirst’s board.CPIL is an investment holding company incorporated in Mauritius, engaged in making long term investments in portfolio companies, and a part of the Warburg Pincus Group (‘Warburg’), which is a private equity firm based in United States of America. Warburg has investments in companies active in sectors such as energy, financial services, and healthcare. IndiaFirst is an Indian public company, established as a joint venture between Bank of Baroda, Andhra Bank and LGMEL, and is engaged in the business of life insurance and related products.CCI noted that CPIL did not have any investments in India, and no portfolio company of Warburg engaged in life insurance business is based in India as well. Therefore, CCI found no horizontal overlap between the parties. As for vertical overlaps, CCI found that while two portfolio companies of Warburg are registered as corporate agents for distributing life insurance products in India, they do not act as a corporate agent for IndiaFirst. Therefore, it was noted that the total revenue derived by them from the corporate agency business as well as their presence in the corporate agency services was insignificant to raise any competition concern. Based on the above, CCI held that the transaction was not likely to have an AAEC in India, and approved the same.[1] Combination Registration No. C-2018/06/578.