HDFC Life Insurance Co. Ltd and Max Life Insurance Co. Ltd have extended the deadline for the merger talks till 31 July and are working on a new merger structure after the insurance regulator ejected the original three-step union, said two people with knowledge of the discussions.
The board of HDFC Life, meeting on 17 July, will consider this new structure, they said on condition of anonymity.
Under the new structure, Max Life and HDFC Life will merge to form a new company, tentatively called HDFC Plus. This new company will then incorporate a new subsidiary to which it will transfer the insurance business.
