HDFC ERGO General Insurance Company acquires L and T General Insurance Company
(2 years ago)
Kolkata, Sept 9 : HDFC ERGO General Insurance Company Limited (HDFC ERGO), a private non-life insurance company, has completed the acquisition of 100pc shares of L and T General Insurance Company Limited (L and T Insurance) for Rs. 551 crores.
The company recently received approvals from the Insurance Regulatory and Development Authority of India (IRDAI) and the Competition Commission of India (CCI).
Subsequent to this transaction and post necessary regulatory approvals, LT 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 Limited.
Mukesh Kumar, Executive Director at HDFC ERGO has been appointed as the new Managing Director CEO of HDFC General.
Mr Ritesh Kumar
Speaking on this occasion, Deepak Parekh, Chairman of HDFC Ltd. and HDFC ERGO said, This is an important milestone for the Insurance Industry. We are excited by the great potential this merger brings to all stakeholders. I am delighted at the speed with which the IRDAI and CCI has cleared this transaction for which we are thankful to them. We welcome the policy holders of LT Insurance to the HDFC Family.
Ritesh Kumar, MD CEO of HDFC ERGO said, We would like to assure the policy holders of LT Insurance of the continuity, highest service standards and access to the combined suite of products of both the companies. Both entities would shortly be applying to the Bombay High Court for approval of Scheme of amalgamation.