The Competition Commission of India cleared two separate acquisition proposals on 29 and 30 September 2026. The Commission approved the acquisition of equity share capital in IndiaFirst Life Insurance Company Ltd by France-based BNP Paribas Cardif. It also approved the indirect acquisition of a majority stake and voting rights in Germany-based Everllence SE by funds managed or advised by Bain Capital Investors LLC from Volkswagen Aktiengesellschaft.
What Is the Competition Commission of India and When Is CCI Approval Required?
The Competition Commission of India (CCI) is India’s national competition regulator that prevents practices which harm competition and reviews large mergers and acquisitions. The CCI was established on 14 October 2003 under the Competition Act, 2002 and became fully functional in 2009. The Commission is headquartered in New Delhi and consists of a Chairperson and two to six Members appointed by the Central Government. Ravneet Kaur is the Chairperson of the CCI (as of October 2026).
CCI approval is required when a proposed deal qualifies as a combination under Section 5 of the Competition Act. A combination means an acquisition of shares, voting rights, assets or control, or a merger or amalgamation, that crosses prescribed asset, turnover or deal value limits. Such deals must be notified to the CCI under Section 6(2) and cannot be completed before clearance. The Indian merger regime is therefore both mandatory and suspensory.
The CCI assesses whether the combination is likely to cause an appreciable adverse effect on competition (AAEC) in the relevant market in India. The Commission looks at factors such as barriers to entry, level of market concentration, competition through imports and benefits to consumers. If the CCI finds no likely harm to competition, it approves the deal under Section 31(1) of the Act. A detailed order with reasons follows in due course.
BNP Paribas Cardif to Acquire Stake in IndiaFirst Life Insurance
The first clearance relates to the acquisition of certain equity share capital in IndiaFirst Life Insurance Company Ltd by BNP Paribas Cardif. BNP Paribas Cardif is a company incorporated in France and a wholly owned subsidiary of BNP Paribas SA. The CCI announced its approval on 29 September 2026 and stated that a detailed order would follow.
The underlying commercial deal was announced in July 2026. BNP Paribas Cardif entered into a definitive agreement to acquire an approximately 26% stake in IndiaFirst Life from private equity firm Warburg Pincus. The stake is held through Carmel Point Investments India Private Ltd, an affiliate of Warburg Pincus. After completion, the shareholding of IndiaFirst Life will be Bank of Baroda with about 65%, BNP Paribas Cardif with about 26% and Union Bank of India with about 9%.
BNP Paribas Cardif is the insurance arm of the France-based BNP Paribas Group. Created in 1973, the insurer operates in 30 countries across Europe, Asia and Latin America and is a global leader in creditor protection insurance and bancassurance partnerships. Bancassurance means selling insurance products through banks. For BNP Paribas Cardif, the IndiaFirst Life deal supports its international growth strategy and builds on its partnership led model in a fast growing market.
IndiaFirst Life Insurance Company: Ownership and Business Profile
IndiaFirst Life Insurance Company Ltd is an Indian life insurer licensed by the Insurance Regulatory and Development Authority of India (IRDAI). IRDAI is the statutory regulator for insurance in India, established under the IRDA Act, 1999 and headquartered in Hyderabad. IndiaFirst Life was incorporated in June 2008 and started operations in November 2009 from its headquarters in Mumbai. The company was the 22nd entrant in India’s private life insurance sector.
The company began as a joint venture among Bank of Baroda, the then Andhra Bank and Legal and General Group Plc of the United Kingdom. Legal and General sold its holding to Warburg Pincus affiliate Carmel Point in February 2019. After Andhra Bank merged with Union Bank of India in April 2020, Union Bank became a shareholder. In March 2022, Union Bank sold a large part of its holding to Bank of Baroda to meet regulatory limits, which made IndiaFirst Life a subsidiary of Bank of Baroda.
IndiaFirst Life sells protection, savings, retirement and group products, including cover under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). PMJJBY is a government backed life insurance scheme that offers renewable term cover to bank account holders. The company follows a strong bancassurance model. Bank of Baroda is its exclusive bancassurance partner, while Union Bank of India is also a distribution partner. This network gives access to more than 8,500 Bank of Baroda branches and about 8,600 Union Bank branches, along with agents, brokers and corporate agents.
| Shareholder | Shareholding before BNP Paribas Cardif entry |
|---|---|
| Bank of Baroda | About 65% |
| Carmel Point Investments (Warburg Pincus affiliate) | About 26% |
| Union Bank of India | About 9% |
Bain Capital Funds to Acquire Majority Stake in Everllence SE from Volkswagen
The second clearance relates to the indirect acquisition of a majority of shares and voting rights in Everllence SE by funds managed or advised by Bain Capital Investors LLC. The CCI announced the approval on 30 September 2026. The seller is Volkswagen Aktiengesellschaft (Volkswagen), the German automobile group.
The purchase will be made through Nikolaus (BC) Bidco GmbH, a special purpose vehicle ultimately controlled by Bain Capital funds. A special purpose vehicle is a separate company created only to complete a specific deal. The transaction is structured as a share transfer from Volkswagen to the Bain Capital funds and covers Everllence SE along with several of its direct and indirect subsidiaries.
Everllence SE is headquartered in Augsburg, Germany. The company was earlier known as MAN Energy Solutions SE and was renamed Everllence on 4 June 2025. Its history goes back to machine works founded in Augsburg in 1840 and to the invention of the diesel engine with Rudolf Diesel in 1897. Everllence is currently a wholly owned subsidiary of the Volkswagen Group.
Everllence is an engineering company focused on propulsion, decarbonisation and efficiency solutions for shipping, energy and industry. The company makes large two stroke and four stroke marine and power engines, turbomachinery, compressors, turbines and related services. Its service arm is called PrimeServ. The company employs about 15,000 people across more than 140 locations and recorded revenue of about 4.3 billion euros in 2024. The global deal was first announced in June 2026, with Volkswagen retaining a shareholding as a long term partner. The European Commission had already cleared the deal in August 2026.
Bain Capital Investors LLC is a US based private investment firm with its registered office in Boston. Founded in 1984, the firm invests across private equity, credit, venture capital, real estate and life sciences and manages assets of over 180 billion dollars. Bain Capital opened its Mumbai office in 2008 and has invested in more than 25 companies in India across financial services, healthcare, consumer, technology and industrials.
Why These CCI Clearances Matter
The IndiaFirst Life clearance shows the rising interest of foreign insurers in India after the opening of the insurance sector. India raised foreign direct investment in insurance from 26% to 49% in 2015 and then to 74% in 2021. The Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, effective from 5 February 2026, now permits up to 100% foreign investment under the automatic route subject to verification by IRDAI. This change allows foreign insurers to hold larger stakes without depending on an Indian joint venture partner. The entry of a large bancassurance player is expected to strengthen product innovation and bank led distribution.
The Everllence clearance shows how Indian competition law applies even to overseas deals that affect business in India. Everllence has an Indian presence through Everllence India Private Ltd with operations in Bengaluru, Vadodara and Aurangabad. When global parties meet the asset and turnover limits under the Competition Act, they must seek CCI approval before closing. The clearance also reflects a wider industrial trend. Volkswagen is sharpening its focus on electric mobility, while private capital is backing firms that supply cleaner shipping and power technologies.
Key Takeaways
- The Competition Commission of India approved BNP Paribas Cardif’s acquisition in IndiaFirst Life Insurance on 29 September 2026.
- BNP Paribas Cardif will acquire about a 26% stake in IndiaFirst Life from Warburg Pincus, leaving Bank of Baroda with 65% and Union Bank of India with 9%.
- The CCI approved the indirect acquisition of a majority stake in Everllence SE by Bain Capital Investors LLC funds from Volkswagen on 30 September 2026.
- Everllence SE, earlier MAN Energy Solutions and headquartered in Augsburg, makes marine engines and turbomachinery and employs about 15,000 people.
- The Competition Commission of India was set up on 14 October 2003 under the Competition Act, 2002 and clears combinations under Section 31.
- India now allows up to 100% foreign investment in insurance under the Sabka Bima Sabki Raksha Act, 2025, effective from 5 February 2026.
