Housing Development Finance Corp on Wednesday said it will buy a 51.2% stake in Apollo Hospital Group's insurance arm, Apollo Munich Health Insurance Company for 13.47 billion rupees.($193.40 million).
Post the deal, Apollo Munich is proposed to be merged with HDFC ERGO General Insurance Company, the Mumbai-based company said in a statement.
Apollo Munich is India’s second-largest health insurance provider. It is a 51:49 joint venture between Chennai-based Apollo Hospitals and German reinsurance company Munich Re.