The Competition Commission of India (CCI) has approved the acquisition by HDFC Life Insurance (the Acquirer) of 100% of the shares in Exide Life Insurance Company Limited (Target) under Section 31(1) of the Competition Act 2002.
The proposed merger includes the acquisition of fully paid-up equity shares, representing 100% of the target by the acquirer from Exide Industries Limited. Following completion of the stock acquisition, it is proposed to merge Exide Life (which will be a wholly owned subsidiary of HDFC Life) with HDFC Life.
The Acquirer is a life insurance company registered with the Insurance Regulatory and Development Authority of India (IRDAI). Offers a range of individual and group life insurance solutions including participating, non-participating and unit-linked insurance products. Its product portfolio includes various life insurance products and investments such as protection, annuity, savings, investment and annuity. HDFC Life has two wholly owned subsidiaries, HDFC Pension Management Company Limited and HDFC International Life and Re Company Limited.
Target is a life insurance company registered with IRDAI. It offers several individual and group life insurance products including protection plans (term insurance, child insurance plans), savings and investment plans (including ULIPs), retirement and pension plans. It does not have any subsidiaries.
(with input from PIB)