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HDFC Ergo General Insurance Company (HDFC ERGO) has completed the acquisition of 100 percent shares of L&T General Insurance Company (L&T Insurance) for Rs 551 crore.
The company has recently received approvals from the Insurance Regulatory and Development Authority of India (IRDAI) and Competition Commission of India, a statement issued by HDFC ERGO said.
Mukesh Kumar, Executive Director at HDFC ERGO has been appointed as the new Managing Director & CEO of L&T General Insurance Company Limited.
Subsequent to this transaction and post necessary regulatory approvals, L&T Insurance is proposed to be renamed as HDFC General Insurance Limited (HDFC General).
HDFC General will operate as a wholly owned subsidiary of HDFC ERGO General Insurance Company Ltd.
Deepak Parekh, Chairman of HDFC Ltd and HDFC ERGO expressed delight over the speed with which IRDAI and CCI has cleared this transaction. "We welcome the policy holders of L&T Insurance to the HDFC Family", Parekh said.
Ritesh Kumar, Managing Director & CEO of HDFC ERGO said both entities (HDFC ERGO and HDFC General) would shortly be applying to the Bombay High Court for approval of scheme of amalgamation.
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