HDFC to buyout JV partner in insurance venture

Tuesday, May 15, 2007, 14:38 [IST]

New Delhi, May 15: General insurance firm Housing Development Finance Corporation (HDFC) today said it will aquire its US partner Chubb Corp's 26 per cent stake in their insurance joint venture for an undisclosed amount.

HDFC will buy 3,25,00,000 equity shares of Rs 10 each held by Chubb Global Financial Services Corporation in the JV company -- HDFC Chubb General Insurance Company Ltd (HCGICL), a statement said.

Post-acquisition, HCGICL will become a 100 per cent subsidiary of HDFC.

UNI

Topics: housing, development, finance, corporation, (hdfc), aquire, us, partner, chubb, co

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