The $40 billion merger of HDFC Bank and HDFC, announced last April, is expected to conclude by July, HDFC Bank's Chief Financial Officer Srinivasan Vaidyanathan told analysts at a conference call on Saturday.
HDFC Bank's proposed merger with HDFC Ltd will create an entity with a combined balance sheet worth $237 billion and will include the target's insurance and other financial subsidiaries.
The merger of HDFC Bank and HDFC could create the second largest company in India by market capitalisation, leaving behind Tata Consultancy Services (TCS), the crown jewel of the Tata group.