MUMBAI (Reuters) - HDFC Standard Life Insurance Co Ltd on Friday said it has agreed with Max Financial Services and subsidiary Max Life Insurance Co Ltd to open exclusive merger talks, as the trio target an increased share of India's insurance market.
The companies "approved entering into a confidentiality, exclusivity and standstill agreement to evaluate a potential combination through a merger of Max Life and Max Financial Services into HDFC Life by way of a scheme of arrangement," HDFC Life said in a joint statement.
The companies did not detail when the exclusivity period would end.
Separately, Reuters reported in May that HDFC Life was planning India's first initial public offering by an insurer, that could raise as much as $500 million by year-end.
(Reporting by Promit Mukherjee)