HDFC to acquire Apollo Munich Health Insurance for Rs 1,347 crore

Bengaluru: Housing Development Finance Corp Ltd (HDFC) on Wednesday said it will buy a 51.2 percent stake in Apollo Hospital Group’s joint venture, Apollo Munich Health Insurance Company for Rs 1,347 crore ($193.40 million).

German reinsurance company Munich Re, which formed the joint venture with Chennai-based Apollo Hospitals, will pay Rs 294 crore to Apollo Hospitals Enterprise Ltd and Apollo Energy Ltd as termination fee, HDFC said in an exchange filing.

HDFC added that it will buy 50.8 percent stake in Apollo Munich Health Insurance for Rs 1,336 crore from Apollo Hospitals Group and 0.4 percent stake held by some employees for Rs 10.84 crore.