The much-hyped merger of the three state-owned non-life insurance companies -- National Insurance, Oriental Insurance and United India Insurance -- is likely to be effected after next March.
A hint of this was given when the central government shortlisted chief executives for the three insurers, suggesting that there is no hurry for them to be merged, reports Times of India. The government originally indicated that it would like to complete the merger by March 2019.
Another indication of a delay is that while 16 July has been fixed as the last date for receipt of expression of interest from consultants for the merger exercise, the government has yet to announce the date for final presentations. Given that the consultants will have to analyse the business network, the products and the IT systems of the three insurers that are headquartered separately in Delhi, Kolkata and Chennai, the final report is expected to take several months.