Exide Industries has received approval from Fair trade regulator Competition Commission of India (CCI) for proposal to fully acquire ING Vysya Life Insurance Company. The company proposed to pay about Rs 550 crore for 50 per cent stake, thereby valuing ING Vysya Life at about Rs 1,100 crore.
At present, the company hold 50% stake in the life insurance company and planning to acquire remaining stake from ING International and the Indian shareholders. Currently, Netherland-based ING International holds 26 per cent stake in ING Life, while 24 per cent is held by certain Indian shareholders.
The battery maker had approached CCI for approval on January 29, 2013. The regulator observed that apart from their interest in ING Vysya Life Insurance, Exide and ING International are neither engaged in the life insurance business in India nor have any direct or indirect control over any other enterprise engaged in the life insurance business in India.
| Company Name | CMP |
|---|---|
| Exide Inds | 399.55 |
| Amara Raja Energy | 850.25 |
| HBL Engineering | 794.85 |
| Eveready Inds. India | 332.95 |
| Indo-National | 361.30 |
| View more.. | |
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