Combination Registration No. C-2026/05/1421, FAL Corporation (‘FAL’), Go Digit Infoworks Services Private Limited (‘Infoworks’), and Go Digit General Insurance Limited (‘Digit General’)
Proposed Transaction
FAL is a Mauritius-based investment holding company controlled by Fairfax Financial Holdings Limited, whose subsidiaries are primarily engaged in property and casualty insurance, reinsurance, and associated investment management. FAL holds 48% of Infoworks, which in turn holds 72.17% of Digit General. The other shareholders of Infoworks, Mr. Kamesh Goyal and Oben Ventures LLP, collectively hold 52%. Following the combination, their effective voting interest in Digit General would reduce to approximately 14.92%.
Digit General is an Insurance Regulatory and Development Authority-registered general insurer offering car, two-wheeler, commercial vehicle, property, health, travel, and business insurance. Under a scheme of amalgamation, Infoworks, the holding company of Digit General, would merge into Digit General, which would survive.
CCI Findings
Horizontal Overlaps: The CCI found no horizontal overlaps between the parties or their respective groups in India.
Vertical Overlaps: The CCI considered two linkages, Digit General’s general insurance business upstream with Fairfax affiliates’ distribution of general insurance downstream, and Digit General’s general insurance business upstream with Fairfax affiliates’ reinsurance services downstream. Digit General’s share in each upstream market and the Fairfax affiliates’ share in each downstream market were in the [0-5]% range. The CCI found no ability or incentive to foreclose competition.
Complementary Overlaps: The CCI considered Digit General’s travel insurance business and Fairfax affiliates’ travel-related services. The parties’ respective shares were in the [0-5]% range. CCI left market delineation open, found no AAEC, and approved the combination under Section 31(1) of the Act.
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