HDFC Life & Max Life to Merge Life Insurance Businesses

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The HDFC Life– Max Life merger is the first of its kind in the life insurance business in India.

MUMBAI, 8 AUGUST, 2016: The Board of Directors of HDFC Standard Life Insurance Company Limited (“HDFC Life”), Max Life Insurance Company Limited (“Max Life”), Max Financial Services Limited (“Max Financial Services”) and Max India Limited (“Max India”) at their respective meetings held today, approved entering into definitive agreements for amalgamation of businesses between the entities through a composite Scheme of Arrangement.

As a part of the proposed transaction, Max Life will be merged with Max Financial Services, thereafter the insurance undertaking in the resultant Max Financial Services would be demerged to HDFC Life and lastly, Max Financial Services will be merged into Max India. As a result of the transaction, HDFC Life would be listed on the National Stock Exchange of India Ltd. and BSE Ltd., subject to receipt of requisite regulatory approvals.

The merger is the first of its kind in the life insurance business in India.

HDFC Life is being represented by Shardul Amarchand Mangaldas & Co. in the following capacities:

  • Strategic advisory: Mr. Shardul S. Shroff, Executive Chairman
  • Corporate: Mr. Kalpataru Tripathy, Partner, Ms. Shailaja Lall, Partner, Mr. Promode Murugavelu, Partner, Yogesh Chande, Partner,  Ashish Teni, Principal Associate, Ms. Shivangi Talwar, Senior Associate, Ms. Ishita Bhardwaj,Associate; Ms. Shanta Chirravuri, Associate; Uday Opal, Associate; Akshita Agrawal, Associate; and  Debrupa Agarwala, Associate
  • Competition Law: Ms. Shweta Shroff Chopra, Partner, Ms. Aparna Mehra, Partner, Mr. Yaman Verma, Principal Associate, and Mr. Prateek Bhattacharya, Associate
  • Tax: Amit Singhania, Partner, Sandeep Chilana, Partner, Gouri Puri, Principal Associate, Aurica Bhattacharya, Senior Associate
  • Intellectual Property Team: Charu Mehta, Partner


Max Life, Max Financial Services, and Max India is being represented by AZB & Partners, with the team of

  • Strategic Advisory: Ajay Bahl
  • Corporate: Mr. Anil Kasturi, Partner, Mr. Niladri Maulik, Partner, Jaishree Tolani, Senior Associate, Abhiroop Datta, Senior Associate; Ashish Pareek, Associate, Kanchan Puri, Associate; Ankit Bhasin, Associate; Shreya Basu, Associateand Paras Chopra, Associate.
  • Competition Law: Samir Gandhi, Partner, Kamya Rajagopal, Senior Associate; and Shashank Sharma, Associate
  • Tax: Ravi Prakash, Partner
  • Intellectual Property: Akhilesh, Partner

Standard Life (Mauritius Holdings) 2006 Limited, a promoter shareholder in HDFC Life is being represented by Cyril Amarchand Mangaldas, with Mr. Shishir Vayttaden, Partner and Prateek Shroff, Principal Associate.

HDFC Limited, a promoter shareholder in HDFC Life is being represented by AZB & Partners, with Mr. Varoon Chandra, Partner, Arvind Ramesh, Senior Associate and Gaurav Rohra, Associate

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