NICe Deal

Janashakthi Chairman Chandra Schaffter said the acquisition was funded through a bank loan from Commercial Bank.rn

rnJanashakthi earlier, picked up a 51 percent of NIC for Rs. 450 mn. Janashakthi has also picked up the 10 percent stake gifted to NIC
quote s employees.rn

rnSchaffter says the balance acquisition paves the way for the formal merger between the two insurance firms.rn

rnldblquote We are looking at completing the formalities in about two months time,
dblquote Schaffter said after the formal signing ceremony at the Treasury.rn

rnThe merged entity is likely to be called lquote Janashakthi Insurance
quote , though Schaffter said no firm plans have been made to drop the lquote National
quote tag.rn

rnldblquote We feel Janashakthi is a strong up coming brand,
dblquote he said. rn

rnSince the acquisition last year, both companies have been working hard to blend both entities, which are culturally and operationally run differently.rn

rnThe integration began at the back end. NIC shed aroun