The story
Housing Development Finance Corporation (HDFC) and ERGO International AG formed HDFC ERGO General Insurance Company Limited as a joint venture.. ERGO became a 49% stakeholder in the Company in 2000. In June 2019, HDFC announced plans to acquire a 51.2 percent stake in Apollo Munich Health Insurance and later merged it with its general insurance arm, HDFC ERGO.
In 2020, HDFC Ergo Health Insurance( earlier known as Apollo Munich Health Insurance) merged with the company after the receipt of final approval from the Insurance Regulatory and Development Authority of India (IRDAI) making it the second-largest private insurer in the accident and health insurance business. With this merger, the company's product suite expanded to over 50 in this segment.
In May 2021, Housing Development Finance Corporation (HDFC), entered into a share purchase agreement for the sale of 44,12,000 equity shares of Rs. 10 each, representing 0.62% of the issued and paid-up share capital of HDFC ERGO, in accordance with the direction of Reserve Bank of India to reduce its shareholding in the latter to 50% or below, and subsequent to this HDFC ERGO would cease to be a subsidiary company of HDFC.
From Wikipedia’s article on HDFC ERGO General Insurance Company, shared under CC BY-SA 4.0.5