The Union government said on Wednesday that the merger of three ailing public sector general insurance companies has been shelved and the focus will be on making them profitable instead. The Cabinet also approved capital infusion of Rs 12,450 crore into the three firms — Oriental Insurance Company, National Insurance Company, and United India Insurance Company. This sum includes the Rs 2,500 crore already infused in February. “...given the current scenario, the process of merger has been ceased so far and instead focus shall be on their solvency and profitable growth, after capital infusion”, a release by Press Information Bureau (PIB) read.
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