CCI approves acquisition by HDFC Bank of shareholding in HDFC ERGO General Insurance
Published By : Prameya News Bureau | October 25, 2021 IST
Share
New Delhi, Oct 25: 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(1) of the Competition 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 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. The 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.
News7 Is Now On WhatsApp Join And Get Latest News Updates Delivered To You Via WhatsApp
You Might Also Like
More From Related News
Deadline for filing 10A/10AB forms extended upto 30th June
RBI cautions public against prepaid payment instruments by illegal entities
Credit card data of 17K ICICI Bank users exposed; bank blocks cards
SEBI probes 2 funds for shorting Adani stocks before Hindenburg report
KABIL inks MoU with CSIR-NGRI for advancing geophysical investigations in minerals sector
RBI asks Kotak Mahindra Bank to stop onboarding new customers online
UiPath launches two new data centres in India
TPSODL gears up to maintain reliable power supply during Kalabaisakhi season
EcoR to run 10 Summer Special trains in Odisha, Know details.....
PayU gets RBI's in-principle nod to operate as payments aggregator
RBI lists 6 factors powering India’s take-off to become world’s 3rd largest economy
Parveen Verma appointed as CEO, TPWODL
Apple ecosystem is one of the leading employment generators in India: Vaishnaw
Internet subscribers reach 936.16 million in India, telephone subscribers cross 1.19 billion: TRAI
BharatPe launches India's first all-in-one payment device
Aston Martin launches new sports car 'Vantage' at Rs 3.99 cr in India
India's first all-in-one payment device launched
Ola becomes 1st to launch ride-hailing operations at Ayodhya Airport
Reliance Industries becomes first Indian company to cross Rs 1 lakh crore threshold in pre-tax profits
Govt bonds worth Rs 32,000 crore to be auctioned on April 26