Max India pulls out of Max Life-HDFC Life deal

HDFC Life IPO by year-end, Max Life seeks acquisitions

The biggest merger in the life insurance industry, between HDFC Standard Life and Max Life, was called off on Monday. 

In a statement to the exchanges, Max Life said the proposal had been called off and the exclusivity agreement with HDFC Life, which expired on July 31, would not be renewed. 

This paves the way for HDFC Standard Life’s initial public offer (IPO), which is expected by December, according to company executives.  

“The prospective partners evaluated several structures over the last month. However, the inordinate time associated with finalisation and approval of these structures led to this decision,” the statement said.   

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