Germany's Munich Re raises stake in Apollo Munich Health Insurance to 49 pct

January 26, 2016 4:23 AM

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MUMBAI Jan 26 German reinsurer Munich Re said it would buy an additional 23.27 percent stake in India's Apollo Munich Health Insurance Co Ltd from its joint venture partner Apollo Hospitals Group India for 1.64 billion rupees ($24.18 million).

The deal increases Munich Re's holding in Apollo Munich to nearly 48.75 percent, with 51.1 percent held by Apollo Hospitals, and the rest by employees. The move is aimed at increasing the German firm's business in India, which it said is "one of it key markets."

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