CCI Clears Stake Hikes in Generali JV, Balaji Wafers and Bagmane REIT

The Competition Commission of India has approved a series of corporate combinations spanning the banking, consumer goods and real estate sectors. The regulator cleared the Central Bank of India to acquire additional equity in Generali Central Insurance Company Limited (GCICL) and Generali Central Life Insurance Company Limited (GCLICL). The bank will increase its holding by one point zero nine per cent in GCICL and by zero point eight two per cent in GCLICL.

In a separate approval the regulator cleared the acquisition of a stake in Balaji Wafers Private Limited by General Atlantic Singapore BWP Pte. Ltd. (GASBWP) from existing shareholders. GASBWP is an investment holding company affiliated with global investment firm General Atlantic and invests across technology, healthcare, financial services, consumer, climate and infrastructure sectors. Balaji Wafers is a packaged food manufacturer with a strong distribution network in western and central India.

The commission also approved a proposed transaction involving Bagmane Prime Office REIT, which contemplates the direct acquisition of Bagmane Developers Private Limited (BDPL) and its wholly owned subsidiary Bagmane Green Power LLP (BGPL). The deal further provides for the indirect acquisition of Bagmane Rio Private Limited (BRPL) and the property Luxor at Bagmane Capital Tech Park from Bagmane Constructions Private Limited. Under the arrangement the sponsor group of the REIT and certain third party shareholders of the targets will receive units of the REIT in exchange for transferring their shareholding.

The target entities are engaged in development and leasing of commercial real estate, hospitality operations and renewable power generation and their integration into Bagmane Prime Office REIT is intended to consolidate those activities under the REIT structure. Bagmane Prime Office REIT was registered with the Securities and Exchange Board of India (SEBI) on July 15, 2025. The Competition Commission of India approved these combinations after assessing their likely effects on competition and did not disclose financial terms in the public summary.

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