General Insurance Companies Merger Latest News
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.
General insurance companies merger latest news. Corona kavach which was launched on july 10 and is being offered by bot. Rajiv kumar national insurance new delhi. The government aims to complete merger of three state owned general insurance companies national insurance co ltd united india insurance co ltd and. 19 jul 2020 06 44 pm ist government halts merger of 3 psu general insurers.
However nothing major was done in this regard. Though former finance minister arun jaitley had announced their merger in his budget speech 2018 19 there was hardly any momentum in its implementation. The combined entity would. To infuse rs 12 450 crore the recapitalization will make the three state owned general ins.
The centre in the budget had announced that the three companies would be merged into a single insurance entity. For these companies the oldest of which began operating in the then nerve centre of the british empire calcutta in 1906 the merger over the next two years is intended to create a sizeable government presence in the rs 1 5 lakh crore a. 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. 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 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 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. However sources in the finance ministry have indicated that the government is now serious about the merger of three companies. The governmentexpects to complete the mergerof three state owned general insurance companies by 2019 20.
Respective boards of the three companies have already given their in principal approvals for the merger. The government expects to complete the merger of three state owned general insurance companies by 2019 20.
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