HDFC Life acquires Exide Life Insurance

HDFC Life, India's first private life insurer, has acquired the entire capital of Exide Life Insurance, a subsidiary of battery manufacturer Exide Industries. The transaction amounts to 66.87 billion INR (915.5 million USD). It is the largest insurance contract ever concluded in India.

The transaction will be subject to the issuance of 87.022 million HDFC Life shares worth 685 INR (9.3 USD) each. The remaining 7.26 billion INR (99.39 million USD) is to be paid in cash.

Such acquisition could pave the way for a fresh round of consolidation in the industry. The latter is facing a fierce competition and domination of digital distribution platforms.