HDFC completes acquisition of Apollo Group’s stake in Apollo Munich Health Insurance
Housing Development Finance Corporation has completed the acquisition of 50.80% share of Apollo Hospital Group, in Apollo Munich Health Insurance Company (Apollo Munich) for Rs 1485.14 crore and 0.36% shareholding held by employees for Rs 10.67 crore. The acquisition was approved by the Competition Commission of India, the Reserve Bank of India, and the Insurance Regulatory and Development Authority of India. Subsequent to the approval, Apollo Munich has been renamed as HDFC ERGO Health Insurance and will operate as a subsidiary of HDFC.
Anuj Tyagi, Executive Director and Chief Business Officer at HDFC ERGO Health Insurance has been appointed as the new MD and CEO of HDFC ERGO Health Insurance, subject to approval of IRDAI.