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    • HDFC gets CCI nod for...

    HDFC gets CCI nod for buying 51.2 pc stake in Apollo Munich Health for Rs 1347 crore

    Medical Dialogues BureauWritten by Medical Dialogues Bureau Published On 2019-08-25T10:00:25+05:30  |  Updated On 12 Aug 2021 5:25 PM IST

    In June, HDFC agreed to acquire Apollo Hospitals Group's entire 50.8 per cent stake in Apollo Munich Health for Rs 1,336 crore and also the 0.4 per cent stake held by a few employees for Rs 10.84 crore.


    New Delhi: The Competition Commission of India on Friday said that it has approved mortgage major HDFC's acquisition of 51.20 per cent stake in Apollo Munich Health Insurance and subsequent merger of the latter into HDFC Ergoin a deal worth nearly Rs 1,347 crore.


    In June, HDFC agreed to acquire Apollo Hospitals Group's entire 50.8 per cent stake in Apollo Munich Health for Rs 1,336 crore and also the 0.4 per cent stake held by a few employees for Rs 10.84 crore.


    HDFC Chairman Deepak Parekh had said the deal will have two steps -- HDFC first acquiring 51.2 per cent in Apollo Munich Health and then merging it with HDFC Ergo.


    Also Read: Apollo Munich Health Insurance launches Cancer Plan 'iCan'


    The merger with HDFC Ergo will create a strong health insurance franchise with a combined gross direct premium of Rs 10,807 crore, Parekh had said.


    In a tweet, the fair trade regulator said it "approves the acquisition of 51.20 per cent shareholding of Apollo Munich by HDFC and subsequent merger of Apollo Munich into HDFC ERGO."


    Munich Health, the health business arm of Germany-based Munich Re, owns 49 per cent stake in Apollo Munich Health, while Ergo International AG, another subsidiary of the German major, owns 49 per cent stake in HDFC Ergo.


    HDFC Ergo is the general insurance arm of HDFC.


    Combinations (mergers and acquisitions) beyond a certain threshold require clearance from the CCI.


    Also Read: Apollo Munich Health Insurance strengthens its foothold in West Bengal

    ApolloApollo GroupApollo HospitalApollo majority stakeApollo Munich Health Insurancebest health insuranceCCICompetition Commission of IndiaDeepak ParekhHDFCHDFC ERGOhealth insurancehealth insurance plansHealthcaremerger n acquisitionMunich Re
    Source : PTI

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    Medical Dialogues Bureau
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      Medical Dialogues Bureau consists of a team of passionate medical/scientific writers, led by doctors and healthcare researchers.  Our team efforts to bring you updated and timely news about the important happenings of the medical and healthcare sector. Our editorial team can be reached at editorial@medicaldialogues.in. Check out more about our bureau/team here

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