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The Competition Commission of India (CCI) has approved HDFC Life Insurance’s acquisition of 100 per cent shareholding in Exide Life Insurance, a unit of battery manufacturer Exide Industries.
It may be recalled that HDFC Life had in early September announced that it would acquire the entire share capital of Exide Life Insurance for a total consideration of ₹6,687 crore. This deal is expected to help HDFC Life strengthen its presence in South India, a region where Exide Life has a strong foothold.
“Commission approves acquisition of 100 per cent equity share capital of Exide Life Insurance Company Limited by HDFC Life Insurance Company Limited and the subsequent merger of Exide Life with HDFC Life,” CCI tweeted on Tuesday evening.
The proposed combination involves acquisition of fully paid-up equity shares, representing 100 per cent of target by the Acquirer from Exide Industries Limited.
After completion of the share acquisition, Exide Life (which will be a wholly owned subsidiary of HDFC Life) is proposed to be merged with HDFC Life.
HDFC Life is India’s most valuable private life insurer. It offers a range of individual and group life insurance solutions including participating, non-participating and unit linked insurance products.
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