ICICI Lombard invests ₹563 crore in stakes of ITC, Axis Bank
ICICI Lombard General Insurance has recently bolstered its investment portfolio by acquiring stakes in two prominent Indian firms, ITC Limited and Axis Bank, totaling ₹563 crore. This strategic move signifies ICICI Lombard’s intent to diversify its holdings across key sectors, including finance and FMCG, as these companies are leaders in their respective industries.
The investment in Axis Bank, made on October 7, 2024, involved the purchase of a 0.08% stake, bringing ICICI Lombard’s total stake in the bank to ₹236 crore. This acquisition was conducted during regular market trading hours and did not necessitate any additional regulatory approvals. Axis Bank, one of India’s largest private sector banks, offers ICICI Lombard exposure to the financial sector, which is critical to India’s economic growth.
While specific details on the exact percentage acquired in ITC Limited remain undisclosed, it is estimated that the investment in ITC stands at approximately ₹327 crore. ITC, known for its diverse presence in FMCG, hotels, paperboards, and agribusiness, aligns with ICICI Lombard’s diversification strategy, adding a consumer goods dimension to its investment portfolio.
These investments reflect ICICI Lombard’s strategic approach to reinforce its financial position and capture growth opportunities within India’s economy. The acquisitions underscore the insurer’s confidence in both the financial and consumer sectors’ long-term potential.
