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New Delhi: The Competition Commission of India (CCI) on Tuesday has approved housing finance company HDFC to buy an additional stake in HDFC Life Insurance Company and HDFC ERGO General Insurance Company. gave permission. These approvals will also help pave the way for HDFC’s merger with HDFC Bank.
These approvals will help pave the way for the merger of HDFC into HDFC Bank, expected to be finalised by the third quarter of this financial year.
In April, the Reserve Bank also allowed HDFC Bank or HDFC to increase shareholding in HDFC Life Insurance Company and HDFC ERGO General Insurance Company to over 50 per cent prior to the effective date of the merger.
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