The Indian Competition Authority unconditionally approves a merger between two life insurance companies without finalizing the market definition because the merger would have low market shares in all potential relevant markets (HDFC Life Insurance / Exide Life Insurance)

A notice was filed by HDFC Life Insurance Company Limited (“Acquirer/HDFC Life”) pursuant to the execution of a Share Purchase and Share Swap Agreement, between HDFC Life, Exide Life Insurance Company Limited (“Target/Exide Life”), and Exide Industries Limited (‘Exide Industries’). The Acquirer and Target are collectively referred to as (“Parties”). The notice envisages an acquisition by HDFC Life of 100% share capital of Exide Life from Exide Industries. As a part of the