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HDFC ERGO General Insurance Company Limited (HDFC ERGO), a private non-life insurance company, has completed the acquisition of 100% shares of L&T General Insurance Company Limited (L&T Insurance) for Rs. 551 crores. The company recently received approvals from the Insurance Regulatory and Development Authority of India (IRDAI) and the Competition Commission of India (CCI). Subsequent to this transaction and post necessary regulatory approvals, L&T Insurance is proposed to be renamed as HDFC General Insurance Limited (HDFC General). HDFC General will operate as a wholly owned subsidiary of HDFC ERGO General Insurance Company Limited. Mukesh Kumar, Executive Director at HDFC ERGO has been appointed as the new Managing Director & CEO of HDFC General. - See more at: http://indiablooms.com/ibns_new/finance-details/5455/hdfc-ergo-general-insurance-company-acquires-l-amp-t-general-insurance-company.html#sthash.wDgGbpVZ.dpuf |
