HDFC ERGO General Insurance Company Ltd has completed the acquisition of L&T General Insurance Company, purchasing 100% of shares for US$82.4 million.
The deal has already received approval from the Insurance Regulatory and Development Authority of India (IRDAI) and the Competition Commission of India (CCI).
Going forward, L&T Insurance will be renamed as HDFC General Insurance Limited (HDFC General) and will operate as a wholly owned subsidiary of HDFC ERGO. Mukesh Kumar will take the helm of HDFC General as its managing director and CEO. Previously, he was executive director at HDFC ERGO.
Kumar assured all policyholders of L&T that HDFC will continue to honor their policies and will provide them with the best possible service and access to the combined suite of products offered by both companies.
Deepak Parekh, chairman of HDFC Ltd and HDFC ERGO commented on the acquisition: “This is an important milestone for the insurance industry. We are excited by the great potential this merger brings to all stakeholders. I am delighted at the speed with which the IRDAI and CCI has cleared this transaction for which we are thankful to them. We welcome the policyholders of L&T Insurance to the HDFC Family.”
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