CCI approves HDFC Bank’s acquisition of shares in HDFC ERGO General Insurance Co
27 Oct 2021
The Competition Commission of India (CCI) has approved the acquisition by HDFC Bank Limited of shareholding in HDFC ERGO General Insurance Company Limited from its parent Housing Development Finance Corporation (HDFC).
The proposed combination involves acquisition of 4.99 per cent of the outstanding equity share capital of HDFC ERGO General Insurance Company Limited from HDFC.
HDFC Bank is a public listed banking company registered with the Reserve Bank of India and provides a wide range of banking services covering commercial and investment banking on the wholesale side and transactional / branch banking on the retail side. As a part of the retail banking segment, HDFC Bank also engages in the distribution of life and general / non-life insurance products.
HDFC ERGO General Insurance Company Limited is a joint venture between HDFC and ERGO International AG and is engaged in the business of general / non-life insurance in India and offers a complete range of general / non-life insurance products.
CCI also approved the acquisition of 100 per cent stake in Parexel International Corporation by Phoenix Parentco, Inc.
Phoenix Parentco, Inc is jointly controlled by EQT Fund Management S.à r.l. (EQT) and the Goldman Sachs Group, Inc.
Headquartered in Durham, US, Parexel International Corporation provides biopharmaceutical outsourcing services to biopharmaceutical companies. The global activities of the company can be categorised into broad segments, viz, clinical solutions and consulting.