The Competition Commission of India (CCI) has approved the acquisition by Housing Development Finance Corporation (HDFC) of certain additional shareholding of HDFC ERGO General Insurance Company (HDFC ERGO).
The proposed combination pertains to the acquisition by HDFC of certain additional shareholding of HDFC ERGO on a spot delivery basis (the Proposed Transaction) such that HDFC (after the Proposed Transaction) and the surviving amalgamated entity i.e. HDFC Bank (after the effective date of the proposed amalgamation of, inter alia, HDFC into HDFC Bank) will hold over 50% of the shareholding of HDFC ERGO in compliance with Indian banking laws.
HDFC offers a whole gamut of products like loans to individuals, loans to corporates, construction finance, and lease rental discounting. The financial conglomerate has subsidiaries and associates in insurance (general and life), asset management, education finance, venture funds and banking services.
