General Insurance Companies Merger Latest News
The centre in the budget had announced that the three companies would be merged into a single insurance entity.
General insurance companies merger latest news. It is to be noted that the government in the budget 2018 19 had proposed to merge national insurance company oriental insurance company and united india insurance company. Respective boards of the three companies have already given their in principal approvals for the merger. The merger of these three psu general insurance companies was also announced by former finance minister arun jaitley in his budget speech of 2018 19. The combined entity would.
19 jul 2020 06 44 pm ist government halts merger of 3 psu general insurers. To infuse rs 12 450 crore the recapitalization will make the three state owned general ins. Corona kavach which was launched on july 10 and is being offered by bot. The governmentexpects to complete the mergerof three state owned general insurance companies by 2019 20.
The government aims to complete merger of three state owned general insurance companies national insurance co ltd united india insurance co ltd and oriental insurance co ltd by the end of march finance secretary rajiv kumar said. The government aims to complete merger of three state owned general insurance companies national insurance co ltd united india insurance co ltd and. Though former finance minister arun jaitley had announced their merger in his budget speech 2018 19 there was hardly any momentum in its implementation. Union finance minister arun jaitley had in his budget speech announced the proposal to merge the three public sector general insurance companies into a single entity.
However sources in the finance ministry have indicated that the government is now serious about the merger of three companies. Rajiv kumar national insurance new delhi. The government is planning to expedite the merger of three public sector general insurance companies national insurance company oriental insurance company and united india insurance company. The merger of national insurance company united india insurance company and.
However nothing major was done in this regard. And nearly another quarter century later the government has now decided to merge three of its unlisted general insurance companies to create a behemoth that it hopes would fetch it a better valuation and create a financially sound enterprise.
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