Apollo Energy Company, Apollo Hospitals Group firm is going to sell 23.3 percent of its shareholding in Apollo Munich Health Insurance Company to its German partner Munich Re for Rs 163.5 crore.

Munich Re’s stake in the insurance joint venture after the transaction, would increase to 48.7 percent.

According to a statement, the deal is expected to be completed at the end of the first quarter of 2016, subject to various approvals.

“The Board of Directors of Apollo Energy Company Ltd, an Apollo Hospitals Group Company, at a meeting held today, approved the divestment of 23.3 percent shareholding in Apollo Munich Health Insurance Company Ltd (Apollo Munich) to its joint venture partner, Munich Re of Germany for Rs 163.5 crore,” the statement said.

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