HDFC, Max group merge life insurance businesses to create company worth Rs 67,000 crore

 HDFC Chairman Deepak Parekh and Max Group Chairman Analjit Singh announced a deal merging their life insurance businesses to create what will eventually be India's largest listed life insurance company with an estimated market value of Rs 67,000 crore once the all-share transaction is completed in about 12-15 months. 

The Max promoter group will be paid a non-compete fee of Rs 850 crore over four years. The boards of HDFC Life, Max Life and Max Financial Services approved the scheme of arrangement for merging the insurance businesses on Monday. 
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