Friday, April 27, 2018

India’s public-sector merger put off to next year

The mega-merger of Indian insurers United India Insurance, National Insurance and Oriental Insurance is likely to be pushed to next year, according to reports.

The three insurers, all public-sector undertakings, will function as separate entities this financial year and will not merge until the next financial year, reports Money Control.

It was first expected that the merger process would start this quarter and would be completed by the third or fourth quarter.

Finance minister Arun Jaitley called for the merger of the insurers during his budget presentation last February.

The plan is to eventually list the merged entity, which will have a valuation exceeding Rs1,000 billion (US$15.3 billion).

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