Housing Development Finance Corporation(HDFC) said on Thursday that it has completed the purchase of a majority stake in Apollo Munich Health Insurance for ₹1,495.81 crore. The company has acquired 51.16 per cent equity share capital of Apollo Munich Health Insurance Company after receiving approvals from competition commission of India (CCI), Reserve Bank of India and Insurance Regulatory and Development Authority of India (IRDAI) by January 1.
On January 2, HDFC had informed that the company and its subsidiary HDFC ERGO has got approvals for acquiring a majority shareholding in Apollo Munich.
On thursday, HDFC mentioned the same in regulatory filing, stating, “Subsequent to this approval (regulatory), Apollo Munich Health Insurance Co Ltd has been renamed as HDFC ERGO Health Insurance Ltd (HDFC ERGO Health) and will operate as a subsidiary of HDFC Ltd.”
Anuj Tyagi, Executive Director & Chief Business Officer at HDFC ERGO General Insurance Company has been appointed as the Managing Director and CEO of HDFC ERGO Health, subject to approval from IRDAI. HDFC ERGO Health and HDFC ERGO General will shortly apply to the National Company Law Tribunal (NCLT) for their merger, HDFC said in a statement to the media.