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HDI to increase stake in Indian joint venture


German insurer HDI-Gerling Industrie Versicherung A.G. will increase its stake in its Indian joint venture Magma HDI General Insurance Co. Ltd. to 49%, reported The Hindu BusinessLine.

The German insurer currently has a 25.5% stake in Magma HDI.

"By the end of this fiscal the stake hike will be through," said Magma HDI chief executive Swaraj Krishnan.

HDI Gerling is expected to bring in foreign direct investment of 1.9 to 2 billion Indian rupees ($28.5 million to $30 million) following the stake hike.

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