HDFC Life Insurance has completed the acquisition of Exide Life Insurance. HDFC Life said that it has received all the necessary regulatory approvals and that Exide Life will now operate as its wholly owned subsidiary.
According to a press release, Exide Life will be merged into HDFC Life soon.
"Exide Life’s agency based distribution model, strong presence in South India and experience across tier 2 and tier 3 locations complements HDFC Life and will help expand its market and bolster its proprietary distribution," HDFC Life said.
The deal was first announced in September 2021 when HDFC Life said it was acquiring Exide Life for Rs. 6,687 crore.
As part of the deal, Exide Industries now holds 4.1% stake in HDFC Life.
Vibha Padalkar, MD & CEO, HDFC Life said, "We recognise that the life insurance market in India is multi-faceted, where one solution might not fit all. Different distribution channels and a varied product mix can help the industry to cater to diverse Indian geography and this acquisition is an important milestone towards our strategic objective of bringing more people into the fold of financial protection."