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 13.47 billion rupees.
German reinsurance company Munich Re, which formed the joint venture with Chennai-based Apollo Hospitals, will pay 2.94 billion rupees 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 13.36 billion rupees from Apollo Hospitals Group and 0.4 percent stake held by some employees for 108.4 million rupees.
"The funds from the divestment will enable us to focus on investing and growing our core healthcare business," said Shobana Kamineni, chairperson, Apollo Hospitals.
Post the deal, Apollo Munich is proposed to be merged with HDFC's general insurance unit, HDFC ERGO General Insurance Company, Mumbai-based HDFC said.
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