India's competition entity approves HDFC’s request to increase shareholding in HDFC Life, Ergo

HDFC increased its shareholding in the two entities to more than 50%.

The Competition Commission of India (CCI) approved HDFC’s request to acquire more shares in HDFC Life and HDFC Ergo, the HDFC Bank said in a press statement.

Last 21 April, the HDFC Bank sent specific requests and clarifications to the Reserve Bank of India (RBI).

The letter also pertained to RBI permitting the transfer of HDFC’s shares in HDFC Life and HDFC Ergo, to HDFC Bank. The reserve bank also advised the group to increase its shareholding in the two entities to more than 50%, to which the CCI has granted.

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This decision was made in the CCI meeting on 20 June, in accordance with Section 31(1) of the Competition Act, 2002.