Mumbai: HDFC ERGO General Insurance on Friday said it has completed the acquisition of 100 per cent shares of L&T General Insurance.
The private non-life insurance firm recently received necessary approvals related to the Rs 551-crore buyout from the Insurance Regulatory and Development Authority of India and the Competition Commission of India, a company release said here.
Subsequent to this transaction and post regulatory approvals, L&T Insurance is proposed to be renamed as HDFC General Insurance. HDFC General will operate as a wholly-owned subsidiary of HDFC ERGO General Insurance, it added.
“This is an important milestone for the insurance industry. We are excited by the great potential this merger brings to all stakeholders,” Deepak Parekh, Chairman of HDFC and HDFC ERGO, said.
“We welcome the policy holders of L&T Insurance into the HDFC Family,” he added.
Ritesh Kumar, MD & CEO of HDFC ERGO, said, “We would like to assure the policy holders of L&T 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, he added.