HDFC ERGO General Insurance said it has finished the procurement of 100% shares of L&T General Insurance.
The private non-life coverage firm as of late got fundamental endorsements identified with the Rs 551-crore buyout from the Insurance Regulatory and Development Authority of India and the Competition Commission of India, an organization discharge said here.
Ensuing to this exchange and post administrative endorsements, L&T Insurance is proposed to be renamed as HDFC General Insurance. HDFC General will work as an entirely claimed auxiliary of HDFC ERGO General Insurance, it included.
"This is an essential turning point for the protection business. We are energized by the colossal potential this merger conveys to all partners," Deepak Parekh, Chairman of HDFC and HDFC ERGO, said.
"We respect the arrangement holders of L&T Insurance into the HDFC Family," he included.
Ritesh Kumar, MD and CEO of HDFC ERGO, said, "We might want to guarantee the arrangement holders of L&T Insurance of the progression, most noteworthy administration benchmarks and access to the consolidated suite of results of both the organizations."
Both elements would in the blink of an eye be applying to the Bombay High Court for endorsement of plan of amalgamation, he included.