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Report: Housing Development in talks to acquire Apollo Munich Health

Housing Development Finance Corp. Ltd. is said to be in talks to acquire Apollo Munich Health Insurance Co. Ltd., The Times of India reported Feb. 20, citing "people directly aware of the matter."

HDFC officials have reportedly met with members of the Apollo Hospitals Enterprise Ltd. group, which holds a 51% stake in Apollo Munich Health. Munich Re Co. holds the remaining 49% in the insurer.

HDFC is currently the only interested buyer, sources said. HDFC, through its general insurance arm HDFC ERGO General Insurance Co. Ltd., is also reportedly in the running to buy another health insurer, Star Health. If the transaction with Apollo Munich Health pushes through, Apollo may retain a stake in the merged company.

HDFC did not respond to e-mailed questions from the publication. Apollo Munich Health CEO Antony Jacob refused to comment on "market speculation".