HDFC Life To Buy Exide's Insurance Business For Rs 6,687 Crore

The deal comes at a time the country is gearing up for the initial public offering of state-owned insurer Life Insurance Corp of India.

HDFC Life Insurance said on Friday it will buy the life insurance unit of battery maker Exide Industries for Rs 6,687 crore, as it seeks to increase its customer base in a largely untapped market. The deal will help HDFC Life, the country's largest private-sector insurer, strengthen its foothold in south India. India's life insurance penetration stood at 2.82 per cent in 2019, according to the latest annual report from the country's insurance regulator. The deal comes at a time the country is gearing up for the initial public offering of state-owned insurer Life Insurance Corp of India. Exide Industries' shares surged 10 per cent after the deal and were set for their best week in 15 years, while HDFC Life fell as much as 4.2 per cent.