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New Delhi : The Competition Commission of India (CCI) has approved acquisition by HDFC Bank Limited ( Acquirer) of shareholding in HDFC ERGO General Insurance Company Limited ( Target) under Section 31 (!) of the Companies Act, 2002.
The proposed combination involves acquisition of 4.99% of the outstanding equity share capital of the Target by the Acquirer from Housing Development Finance Coporation (HDFC), according to a PIB release.
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.
The Target is a joint venture between HDFC and HDFC 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. Detailed order of the CCI will follow.