09-Apr-18, ET Healthworld
The country’s largest mortgage lender Housing Development Finance Corp (HDFC) is in advanced talks to acquire Apollo Munich Health Insurance for INR1,000 crore (USD153 mn).
%20The%20Economic%20Times.jpg "Indias HDFC in talks to buy Apollo Munich insurance (c) The Economic Times")
Image: The Economic Times
"Since Ergo has a partnership with HDFC in the general insurance space, it was easier for the two to strike the deal," said an industry observer. HDFC Ergo General Insurance is a JV between HDFC and Ergo International, part of Germany's Munich Re group.
"We are open to organic growth opportunities, whether it is at the HDFC level or at the level of any of our subsidiaries but that depends obviously on the opportunity that is available," said Keki Mistry, vice chairman of HDFC.