HDFC Ergo General Insurance Company (HDFC ERGO) has completed the acquisition of 100 percent shares of L&T General Insurance Company (L&T Insurance) for Rs. 551 crore.
The company has recently received approvals from the Insurance Regulatory and Development Authority of India (IRDAI) and Competition Commission of India, a statement issued by HDFC ERGO said.
Mukesh Kumar, Executive Director at HDFC ERGO has been appointed as the new Managing Director & CEO of L&T General Insurance Company Limited.
Subsequent to this transaction and post necessary regulatory approvals, L&T Insurance is proposed to be renamed as HDFC General Insurance Limited (HDFC General).