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As On 24-Nov-2017
SENSEX
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  • HDFC ERGO To Acquire L&T General Insurance

    The Board of Directors of HDFC ERGO General Insurance Company Limited in its meeting held on 3rd June'16, approved purchase of 100% stake in L&T General Insurance Company subject to IRDAI and other regulatory approvals. The Board also approved the plan to merge the two companies subject to all regulatory approvals.

    Speaking on the occasion, Mr. Deepak Parekh, Chairman of HDFC and HDFC ERGO General Insurance said, "Considering the importance of scale in the insurance business, consolidation within the insurance industry is inevitable. This transaction marks the beginning of this consolidation phase. The acquisition will help HDFC ERGO to further strengthen its presence in the market. The combined size and expertise will result in improved cost efficiencies in the merged entity and benefit policy holders and other stakeholders."

    For the all-cash deal structured by Arpwood Capital Pvt Ltd., exclusive financial advisors to HDFC ERGO, the transaction has been valued at Rs. 551 crores. The acquisition would help HDFC ERGO improve its market position.

    HDFC ERGO expects significant cost synergies arising out of business, technology optimization and rationalization of offices.

    HDFC ERGO, a 51:49 joint venture between housing major HDFC Limited and ERGO International, Germany (part of Munich Re Group), is the 4th largest private sector general insurer in India and offers all lines of general insurance products including motor, health, personal accident, home, fire, marine, aviation, liability, crop insurance etc. During the financial year ended March 31, 2016, the Company wrote gross premiums of Rs 3467 crores and made a profit after tax of Rs. 151 crores. The Company operates through 108 offices and employees strength of 2007.

    L&T General Insurance is a wholly owned subsidiary of engineering conglomerate, Larsen and Toubro. The six year old insurer is a relatively new entrant in the insurance industry. During the financial year ended March 31, 2016, L&T General Insurance wrote gross premium of Rs 483 crores registering a growth of 40% over previous financial year. The company operates through 28 offices and employee strength over 800 employees.

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Flash News 24-Nov-2017
  •  ( 15:35) Market settles with modest gains  
  •  ( 14:33) Uber to partner with M&M for electric vehicles in India  
  •  ( 13:45) European stocks edge higher  
  •  ( 11:54) Govt nod for projects worth over Rs 1 lakh cr for Tamil Nadu  
  •  ( 11:52) No proposal to withdraw bank chequebook facility: Govt  
  •  ( 11:31) Zydus gets approval for Minocycline Hydrochloride tablets  
  •  ( 11:22) Winter session of Parliament to be held from 15 December  
  •  ( 10:21) RIL closes Marcellus shale asset sale for $126 million  
  •  ( 09:35) The Markit/Nikkei Japan Manfg. flash Nov PMI rises to 53.8  
  •  ( 08:49) US markets remain shut  
  •  ( 08:47) Ordinance to amend Insolvency & Bankruptcy Code promulgated  
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24 November 2017 00:00
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