On June 21, 2018, CCI approved acquisition of 6.05% of the equity share capital of PNB Metlife India Insurance Company Limited (‘PMLI’) from IGE Private Limited (‘IGE’) and Elpro International Limited (‘Elpro’) by Metlife International Holdings, LLC (‘MIHL’) pursuant to execution of a share purchase agreement dated May 7, 2018. By way of the proposed transaction, MIHL sought to acquire 4.71% and 1.33% additional equity capital of PMLI from IGE and Elpro respectively, therefore increasing its shareholding in PMLI to 32.05%.MIHL, a wholly owned subsidiary of Metlife Inc., is a limited liability company incorporated in the United States of America. PMLI, a public unlisted company incorporated in India, is an insurance company and provides life and health insurance services and products, under the brand name PNB Metlife. Elpro, a public listed company, is engaged in the business of manufacturing surge arresters and holds 12.75% of the equity share capital in PMLI. IGE, a private limited company, is engaged in the trade of commodities, wind energy generation and real estate. It holds 8.57% of the equity share capital in PMLI and 46.03% in Elpro.CCI observed that the parties did not have any horizontal overlaps or vertical arrangements in India. Accordingly, CCI concluded that the proposed transaction was not likely to have any AAEC in any market in India, and approved the same.

*Combination Registration No. C-2018/06/576.