Housing Development Finance Corp. Ltd. completed its acquisition of a 51.16% stake in Apollo Munich Health Insurance Co. Ltd. for 14.96 billion Indian rupees, Business Today India reported.

HDFC purchased the 50.80% stake of Apollo Hospitals Group in Apollo Munich Health for 14.85 billion rupees and a 0.36% shareholding of employees for 10.67 crores.

The company secured all required regulatory approvals for the deal by Jan. 1. Subsequently, Apollo Munich Health was renamed HDFC ERGO Health Insurance Ltd. and will operate as an HDFC subsidiary, according to the report.

HDFC ERGO General Insurance Co. Ltd., a joint venture between HDFC and ERGO International AG, and HDFC Ergo Health will reportedly soon seek approval for their merger. Post-deal, the resulting entity will become the second largest private insurer in accident and health segment in India, according to HDFC.

Apollo Munich Health is a joint venture between Apollo Hospitals Enterprise Ltd. and Munich Re Co.'s health and reinsurance business, Munich Health Holding AG.

As of Jan. 9, US$1 was equivalent to 71.17 Indian rupees.