New Delhi, Oct 14 (PTI) A day after insurance regulator Irdai's final approval, HDFC Life Insurance on Friday announced completion of Exide Life merger.

This marks the completion of the first-ever merger and acquisition (M&A) transaction in the Indian life insurance sector, HDFC Life said in a statement.

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HDFC Life had completed the acquisition of Exide Life in January 2022.

The entire transaction – from announcement of the deal in September 2021 followed by the acquisition in January 2022 and the eventual merger – was completed in less than 14 months, it said.

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"Pursuant to the merger, customers across both entities will have access to a wider bouquet of products and service touch points. Employees and distributors will benefit from a larger, stronger organisation that has complementary business models, wider geographical presence and strong ethos," it said.

This merger will accelerate the scale-up of HDFC Life's agency channel and enhance its geographical presence in tier II and tier III markets, it said.

In January this year, HDFC Life acquired 100 per cent stake in Exide Life Insurance Company from its parent firm Exide Industries for Rs 6,687 crore in order to increase its presence in the south India market.

With the transfer of its life insurance business to HDFC Life, Exide Industries acquired 4.12 per cent stake in HDFC Life.

Last month, the insurer had received approval from the Mumbai bench of the National Company Law Tribunal (NCLT) for merger of Exide Life into itself.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)