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CCI approves acquisition by HDFC Bank Limited of shareholding in HDFC ERGO General Insurance Company Limited

by Economy India
October 25, 2021
Reading Time: 1 min read
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The Competition Commission of India (CCI) approves acquisition by HDFC Bank Limited (Acquirer) of shareholding in HDFC ERGO General Insurance Company Limited (Target) under Section 31(1) of the Competition Act, 2002.

The Proposed Combination involves the acquisition of 4.99% of the outstanding equity share capital of the Target by the Acquirer from Housing Development Finance Corporation (HDFC).

The Acquirer is a public listed banking company registered with the Reserve Bank of India which provides a wide range of banking services covering commercial and investment banking on the wholesale side and transactional / branch banking on the retail side.

As a part of the retail banking segment, the Acquirer also engages in the distribution of life and general / non-life insurance products.

Target is a joint venture between HDFC and ERGO International AG and is engaged in the business of general / non-life insurance in India and offers a complete range of general / non-life insurance products. (PIB)

Tags: Business Updates on Indian EconomyCCICurrent Updates of Indian EconomyEconomic Development of IndiaEconomy IndiaEconomy India UpdatesEconomy NewsEconomy News of IndiaEconomy News Portal of IndiaEconomy News UpdatesEconomy Updates from IndiaHDFC Bank LimitedHDFC ERGO General InsuranceIndia EconomicIndian EconomyIndian Economy OutlookIndian Economy UpdatesLatest Development on Indian EconomyLatest Updates on Indian EconomyNews Around Economy of IndiaNews on Indian EconomyNews on World of Indian EconomyOverview of Indian EconomyRecent Development in Indian EconomyThe Competition Commission of India
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