New Delhi: HDFC Ergo, the country's fourth largest general insurer, has received approval of the Competition Commission of India to acquire rival L&T General Insurance - a Rs 551-crore deal announced in June.
Housing finance major HDFC's non-life insurance arm would purchase 100 per cent equity shareholding of L&T General Insurance from existing shareholder, Larsen & Toubro (L&T).
For the Rs 551-crore transaction, both sides had entered into a share sale and purchase agreement in June.
In a tweet, Competition Commission of India (CCI) said it has approved the "acquisition of L&T General Insurance by HDFC ERGO".
CCI keeps a tab on unfair business practices across sectors and M&A deals above a certain threshold are required to get its approval.
L&T General Insurance operates through around 28 offices.
HDFC Ergo is a joint venture where the mortgage lender holds a 51 per cent stake and the rest is with ERGO International, which is part of Germany's Munich Re Group.
New Delhi: HDFC Ergo, the country's fourth largest general insurer, has received approval of the Competition Commission of India to acquire rival L&T General Insurance - a Rs 551-crore deal announced in June.
Housing finance major HDFC's non-life insurance arm would purchase 100 per cent equity shareholding of L&T General Insurance from existing shareholder, Larsen & Toubro (L&T).
For the Rs 551-crore transaction, both sides had entered into a share sale and purchase agreement in June.
In a tweet, Competition Commission of India (CCI) said it has approved the "acquisition of L&T General Insurance by HDFC ERGO".
CCI keeps a tab on unfair business practices across sectors and M&A deals above a certain threshold are required to get its approval.
L&T General Insurance operates through around 28 offices.
HDFC Ergo is a joint venture where the mortgage lender holds a 51 per cent stake and the rest is with ERGO International, which is part of Germany's Munich Re Group.
New Delhi: HDFC Ergo, the country's fourth largest general insurer, has received approval of the Competition Commission of India to acquire rival L&T General Insurance - a Rs 551-crore deal announced in June.
Housing finance major HDFC's non-life insurance arm would purchase 100 per cent equity shareholding of L&T General Insurance from existing shareholder, Larsen & Toubro (L&T).
For the Rs 551-crore transaction, both sides had entered into a share sale and purchase agreement in June.
In a tweet, Competition Commission of India (CCI) said it has approved the "acquisition of L&T General Insurance by HDFC ERGO".
CCI keeps a tab on unfair business practices across sectors and M&A deals above a certain threshold are required to get its approval.
L&T General Insurance operates through around 28 offices.
HDFC Ergo is a joint venture where the mortgage lender holds a 51 per cent stake and the rest is with ERGO International, which is part of Germany's Munich Re Group.
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