Housing Development Finance Corporation and HDFC ERGO announced the receipt of requisite approvals for the acquisition of up to 51.2% stake in Apollo Munich Health Insurance Company and the subsequent merger with HDFC ERGO General Insurance Company (subsidiary of the Corporation). These include the approval from CCI, Reserve Bank of India and the IRDAI on 01 January 2020.
Post the proposed acquisition, Apollo Munich would be merged with and into HDFC ERGO General Insurance Company (subsidiary of the Corporation), subject to the approval of the National Company Law Tribunal, Mumbai.
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