Indian mortgage lender HDFC to acquire Apollo Munich

April 10 2018 by InsuranceAsia News Staff

India’s largest mortgage lender, Housing Development Finance Corp (HDFC), is reportedly in advanced negotiations to purchase Apollo Munich Health Insurance  for about Rs10 billion (US$154 million), according to sources.

Apollo Munich, the second-largest standalone health insurance provider in India, is a joint venture between Chennai-based Apollo Hospitals and Munich Re.

Apollo Hospitals has a 51% stake in the insurer while Munich Re holds a 49% stake.

When contacted by the India Times, Apollo Munich declined to comment on the report, saying that the company does not comment on market speculations or regarding shareholding matters.

HDFC vice-chairman Keki Mistry said the company is open to organic growth opportunities, adding that the firm looks carefully at the nature of the opportunities that are available.