NEWS IN BRIEF

India’s Housing Development Finance Corp... has obtained regulatory approval to sell a 26% stake in HDFC Insurance Co the Ergo, the primary insurance arm of German reinsurer Munich Re. The company will be renamed HDFC Ergo and will be headquartered in Mumbai. HDFC’s previous minority foreign shareholder was Chubb, which differed with HDFC over capital fund injections. Ergo is paying a reported Rp2.35bn  ($59.8m).