The Competition Commission of India (CCI) approved the acquisition by HDFC Life Insurance Company (Acquirer) of 100 per cent shareholding in Exide Life Insurance Company Limited (Target) under Section 31(1) of the Competition Act, 2002, informed CCI on Tuesday.
According to a statement issued by the CCI on Tuesday, 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.
As per CCI, the acquirer is a life insurance company registered with the Insurance Regulatory and Development Authority of India (the IRDAI). It offers a range of individual and group life insurance solutions including participating, non-participating and unit-linked insurance products, stated the CCI.
( With inputs from ANI )
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