Focus Merit

Category: Agreements/MOU

HDFC to hold a 51.2% stake in Apollo Munich Health Insurance Company

January 3, 2020

Housing Development Finance Corporation Ltd (HDFC), India’s largest mortgage financier, has received approval from Insurance Regulatory and Development Authority of India (Irdai) to acquire 2% stake in Apollo Munich Health Insurance – a joint venture between Apollo Hospitals and German reinsurer Munich Re Group.

The Corporation and HDFC Ergo have received all requisite approvals for the acquisition including competition commission of India (CCI), Reserve Bank of India and the last being from Irdai on 1 January. Post the completion of the proposed acquisition, Apollo Munich will be merged with and into HDFC Ergo, subject to approval from the Mumbai bench of National Company Law Tribunal.

In June 2019, HDFC had agreed to acquire the entire 8% stake of Apollo Hospitals Group in a health insurance joint venture with German reinsurer Munich Re Group as part of its strategy to tap this potential growth market.

Flipkart partners with government to empower artisans, self-help groups

January 1, 2020

E-commerce giant, Flipkart has announced a tie-up with the Ministry of Housing and Urban Affairs under Deendayal Antyodaya Yojana — National Urban Livelihoods Mission (DAY-NULM) to train, support and provide market access to artisans, self-help groups (SHGs) and those who deal with raw, organic food production, with the aim to help small businesses explore wide markets.

The e-commerce firm will collaborate with state missions under the DAY-NULM to establish the Flipkart Samarth program in 22 states in the country. It will provide time-bound incubation support to the sellers including cataloguing support, account management support and more.