HDFC Life to acquire Exide's insurance business for Rs 6,687 crore

With the acquisition, HDFC Life Insurance plans to increase its customer base in what it believes is a largely untapped market besides increasing its foothold in the southern part of the country.

India’s largest private insurer HDFC Life confirmed that it will fully acquire the life insurance unit of battery maker Exide Industries for Rs 6,687 crore. Following the announcement related to Exide Life Insurance’s acquisition, shares of HDFC Life fell over 3 per cent on the stock market. On the other hand, shares of Exide Industries surged 12 per cent in early trade. At 12:30 pm, Exide Industries shares were trading over 7 per cent higher.