The Board of Directors of Oriental Insurance Company Ltd. and United India Insurance Company Limited are likely to provide their approval for the merger at their meetings.
“The boards of United India and Oriental Insurance are having their meetings today in Delhi. The two Boards are expected to pass a resolution giving the green signal for the merger,” said K. Govindan, General Secretary, General Insurance Employees All India Association (GIEAIA). A source said, “The development comes two weeks before the Union Budget to be placed in the Parliament by Finance Minister Nirmala Sitharaman.”
“There is no need for a merger if the Finance Minister announces infusion of capital for the three individual companies,” the official added.
According to Govindan, the Board of Directors of National Insurance Company are expected to meet soon and pass necessary resolution for the merger. The government had proposed to merge all the three companies into one entity.
