HDFC Limited has completed the acquisition of 50.80% share of Apollo Hospitals Group in Apollo Munich Health Insurance Company for Rs. 1,485 crore and 0.36% shareholding held by employees for Rs. 10.67 crore.
All the regulators - Competition Commission of India (CCI), RBI and IRDAI have approved this acquisition.
Subsequent to this approval, Apollo Munich Health Insurance is renamed as HDFC ERGO Health Insurance. HDFC ERGO Health will operate as a subsidiary of HDFC Limited.
Anuj Tyagi, Executive Director & Chief Business Officer at HDFC ERGO General Insurance Company has been appointed as the new Managing Director & CEO of HDFC ERGO Health, subject to approval from the IRDAI.