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Germany-based Ergo Insurance Group, a unit of Munich Reinsurance Co., will increase its stake in its India-based joint venture HDFC Ergo General Insurance Co. Ltd. by almost 23%, reports Business Standard citing Reuters.
Ergo will buy the stake for 11.22 billion Indian rupees ($169 million). Ergo will hold about a 49% stake in the joint venture after the transaction is completed, said the insurers. HDFC Ergo is a joint venture between Ergo and India's Housing Development Finance Corp. Ltd.