On November 22, 2018, CCI approved acquisition of 51% shareholding and management control rights in IDBI Bank Limited (‘IDBI’) by Life Insurance Corporation of India (‘LIC’). LIC is engaged in the provision of various schemes of life insurance to retail and corporate customers. IDBI operates as a full service universal bank and provides financial products and services, encompassing deposits, loans, payment services and investment solutions. 
In its competitive assessment, CCI found that the combination would not have an AAEC in India in the markets for (i) provision of life insurance; (ii) provision of housing finance; and (iii) banking services (other than housing finance), in particular the segments relating to deposits, home loans, agricultural banking, card business, retail banking services other than card business, deposits and home loan, medium and small business banking, and wholesale banking (other than retail business banking), on account of IDBI having an insignificant presence in these markets. Further, CCI found that while LIC’s and IDBI’s activities overlapped in the market for mutual funds, in particular the segments relating to (i) growth /equity oriented scheme; (ii) income/debt oriented scheme; (iii) balanced fund scheme; (iv) money market/liquid fund scheme; and (v) gilt funds, neither LIC’s nor IDBI’s presence in this markets was significant enough to result in an AAEC. With regard to a potential vertical relationship between LIC and IDBI in relation to bancassurance services, CCI held that considering the nature of bancassurance services and presence of IDBI in the segment, the combination will not confer any ability or provide any incentive to LIC to foreclose other banks engaged in the provision of bacassurance services. Based on the above, CCI decided to approve this combination. Combination Registration Number C-2018/10/605.