The HDFC Life today(3rd Sept.2021) said it will acquire a 100 percent stake in Exide Life Insurance Company for Rs 6,887 crore from Exide Industries Ltd (EIL) and subsequently, it will be merged with HDFC Life, subject to regulatory approvals.
This marks one of the first and the largest acquisitions in the life insurance space, which has 23 private players and one state-owned insurer - Life Insurance Corporation (LIC). Previously, HDFC Life had intended to acquire Max Life but the deal did not go through because of regulatory hurdles. Experts said this deal will, however, is not expected to face any such regulatory hurdles.
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