CCI Grants Approval To HDFC's Stake Acquisition In HDFC Life Insurance And HDFC Ergo General Insurance

In a Press Release, the Competition Commission of India has given its approval for the proposed combination involving Housing Development Finance Corporation Limited (HDFC Limited) acquiring additional shares of HDFC Life Insurance Company Limited (HDFC Life) and HDFC ERGO General Insurance Company Limited (HDFC ERGO).

HDFC Limited is a publicly listed housing finance company incorporated under the Companies Act, of 1956, and its shares are listed on the National Stock Exchange of India Limited and BSE Limited with its engagement in providing finance for housing and commercial properties in India.

HDFC Life is a life insurance company offering various life insurance and investment products registered with the Insurance Regulatory and Development Authority of India. It offers a diverse range of life insurance and investment products that include options for protection, pension, savings, investment, and annuity.

HDFC ERGO is a registered insurance provider under the Insurance Regulatory and Development Authority of India. It specializes in offering a comprehensive range of non-life insurance products in India. These products include motor insurance, health insurance, travel insurance, home insurance, and cyber insurance for retail customers. In addition, HDFC ERGO offers customized insurance solutions such as property, rural, marine, trade credit, liability, and other specialized insurance products for corporate clients.

The proposed combination entails HDFC Limited acquiring additional shares of HDFC Life and HDFC ERGO through on a spot delivery basis. This acquisition aims to ensure compliance with Indian banking laws, as HDFC Limited (after the proposed combination) and the amalgamated entity HDFC Bank Limited (HDFC Bank) will collectively hold over 50% of the shareholding in HDFC Life.

Click here To Read/Download Press Release [Press Release No. 14/2023-24]

Click here To Read/Download Press Release [Press Release No. 15/2023-24]