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HDFC ties up with Ergo for non-life biz

Our Bureau

New Delhi, Oct. 30 HDFC Ltd has tied up with Germany’s Ergo International AG as the new joint venture partner for its general insurance business.

Ergo, a group company of reinsurance major Munich Re, under the agreement reached would pick up 26 per cent stake in HDFC General Insurance Ltd, a company statement said. The new joint-venture company will be called HDFC ERGO General Insurance Ltd and will be headquartered in Mumbai.

HDFC had earlier shortlisted three foreign companies in its partner selection process for its general insurance business.

Munich Reinsurance Chairman, Mr Nikolaus von Bomhard, had in the past said that the joint venture for general insurance could happen earlier than life insurance venture and the likelihood of partnering with the private sector is higher for the non-life venture.

More Stories on : General Insurance | Alliances & Joint Ventures | Housing Development Finance Corporation Ltd

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