HDFC Ergo General Insurance is likely to continue its merger with HDFC Group-acquired HDFC Ergo Health Insurance with itself this calendar year. “Upon the completion of the merger, HDFC ERGO General Insurance will become a predominantly health insurance company in the Indian insurance market and benefit from enhanced geographical and distributional reach in about 300 districts,” said MD and CEO Ritesh Kumar.
He added that an application for the proposed amalgamation will be soon moved with the National Company Law Tribunal (NCLT). Presently, HDFC holds a controlling interest in both HDFC Ergo General Insurance and HDFC Ergo Health Insurance. The second phase would entail the merger of the two entities controlled by HDFC.
“We are hoping that we (both the entities) should be able to apply. It will go through the NCLT procedure and we hope to get the approval in the next two quarters,” Kumar said.
