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<ul><li><keyword id="3117450" type="General" weightage="20" keywordseo="HDFC-Capital" source="Orion">HDFC Capital</keyword> has raised $376 million under the second scheme of <keyword id="16012698" type="General" weightage="20" keywordseo="HDFC-Capital-Affordable-Real-Estate-Fund-3" source="Orion">HDFC Capital Affordable Real Estate Fund -3</keyword> (<keyword id="15003778" type="General" weightage="20" keywordseo="H-CARE-3" source="Orion">H-CARE 3</keyword>).</li><li>H-CARE 3 is a <keyword id="16012699" type="General" weightage="20" keywordseo="category-II-alternative-investment-fund" source="Orion">category II alternative investment fund</keyword> (AIF) that focuses on providing long-term investment in affordable and mid-income housing projects.</li><li>In addition, the real estate private equity arm of HDFC Group will also invest in technology companies engaged in the affordable housing ecosystem.</li><li>Abu Dhabi Investment Authority (ADIA), through a wholly-owned subsidiary, is the primary investor in H-CARE 3 schemes 1 and 2.</li></ul> HDFC Capital, a subsidiary of top mortgage lender Housing Development Finance Corporation, has raised $376 million under the second scheme of HDFC Capital Affordable Real Estate Fund -3 (H-CARE 3). H-CARE 3 is a category II alternative investment fund (AIF) that focuses on providing long-term, flexible funding across the lifecycle of affordable and mid-income housing projects, including early-stage funding. HDFC Capital is the investment manager to HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1), HDFC Capital Affordable Real Estate Fund 2 (H-CARE 2) and HDFC Capital Affordable Real Estate Fund 3 (H-CARE 3). All these funds combine to create a $ 3.1 billion platform targeting the development of affordable and mid-income housing in India. Abu Dhabi Investment Authority (ADIA), through a wholly-owned subsidiary, is the primary investor in H-CARE 3 schemes 1 and 2. “Despite the recent headwinds in the global macro landscape, I continue to be optimistic about the demand for homes in India. As the pivot of global growth shifts, India is envisaged to remain amongst the fastest growing major economies,” said Deepak Parekh, chairman, HDFC. “And housing will play an even more important role as a catalyst for growth. HDFC Capital has been one of the pioneers of investing in affordable and mid-income housing projects in India.” Parekh further added that, “With the support of leading global investors like ADIA and partnerships with trusted developers, the HDFC Capital platform is well on its way to achieve its medium-term goal of funding one million affordable homes in India.” In addition, the real estate private equity arm of HDFC Group will also invest in technology companies (construction technology, fin-tech, sustainability-tech etc.) engaged in the affordable housing ecosystem, the company said. “At HDFC Capital, our vision is to finance the development of the affordable housing ecosystem in India and provide a seamless platform for all stakeholders including global investors, developers, and vendors to access financing and technology innovations to develop sustainable and smart affordable homes,” said Vipul Roongta, MD &amp; CEO at HDFC Capital. HDFC Capital’s target is to finance the development of one million affordable homes in India through a combination of innovative financing, partnerships and technology, whilst focusing on sustainability. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-credit-worthiness-to-be-stable-in-2023-but-upcoming-elections-could-keep-social-spending-elevated-moodys/articleshow/96851926.cms">India’s credit worthiness to be stable in 2023, but upcoming elections could keep social spending elevated: Moody’s</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/gautam-adani-aap-ki-adalat-interview-dhirubhai-ambani-is-my-role-model-mukesh-ambani-a-very-good-friend/articleshow/96828407.cms">Dhirubhai Ambani is my role model and Mukesh Ambani a very good friend, says Gautam Adani</a>

HDFC Capital raises $376 million under alternative investment fund for affordable housing; ADIA is primary investor

<ul><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival</a> is one of the world's most prestigious events which will be live from Oct 19-23.</li><li>While nobel laureates, some of the biggest political and corporate icons will provide thought leadership, it's a great platform to network with CXOs from around the world.</li><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival 2020</a> is presented by <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://aws.amazon.com/" data-type="tilCustomLink">AWS</a>.</li><li>Get your tickets now from <a href="https://in.bookmyshow.com/events/business-insider-global-trends-festival/ET00137578" data-type="tilCustomLink">BookMyShow</a>.</li></ul> A young chartered accountant from London had a plum job with Chase Manhattan when his charismatic uncle HT Parekh who was starting a new mortgage company which provides housing loans to middle class Indians. Back in the late 70s, it was almost impossible for salaried Indians to take home loans, which are now available before ‘coffee gets cold’. The Parekhs had taken what was considered impossible and turned the business of housing loans into a profitable business, but also opened up new vistas for the real estate sector. Ever since Housing Development Finance Corporation (HDFC) has turned into an institution which spun off a bank in 1994, one that is today the country’s biggest private bank. HDFC itself ventured into various businesses like insurance, asset management, mutual funds and in each of the businesses that they’re in, they’re amongst the top few. It’s 75-year old Chairman Deepak Parekh is a doyen of the country’s financial industry and earned himself the reputation of ‘trouble shooter’ in chief. Mumbai’s financial community can’t be tired of narrating legends about his role in the efforts to save and revive scam-tainted companies like Satyam Computers and UTI. Best amongst equals In Parekh’s own words, every business that he gets into, he wishes to be amongst the top three institutions or not be in it at all. He chose both organic and inorganic routes to achieve this. As India battles the pandemic, Parekh is one of the few voices that provide a ray of hope. In an interview with Shekhar <a href="https://theprint.in/theprint-otc/indian-economy-will-be-booming-by-next-august-worst-behind-us-hdfc-chairman-deepak-parekh/474497/">Gupta of the Print</a>, he said that India would see positive growth by next year. He also believes that India will do better than limp back to its pre-Covid days - which was slow even back then. He is also on the board of several leading corporations across diverse sectors. He is the non-executive chairman in India of Siemens Ltd. He is also on the board of National Investment and Infrastructure Fund (NIIF). It will also be worth noting how he sees this recovery playing out, and what India needs to do to recover from the current trough. Join us at the <a href="https://trendsfestival.in/" data-type="tilCustomLink">Global Trends Festival 2020</a> between October 19-23 from wherever you are. SEE ALSO: <a href="https://www.businessinsider.in/business/news/india-has-its-eyes-and-hopes-pinned-on-adar-poonawalla-the-worlds-biggest-vaccine-maker-who-will-be-at-gtf-2020/articleshow/77977949.cms" data-type="tilCustomLink">India has its eyes and hopes pinned on Adar Poonawalla⁠⁠— the world’s biggest vaccine maker who will be speaking at the Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/business/news/meet-vani-kola-managing-director-kalaari-capital-the-unicorn-hunter-at-global-trends-festival-2020/articleshow/77999658.cms" data-type="tilCustomLink">Meet Vani Kola, the unicorn hunter, at Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/international/news/reed-hastings-to-speak-at-the-business-insider-global-trends-festival/articleshow/77550576.cms" data-type="tilCustomLink">Reed Hastings to speak at the Business Insider Global Trends Festival</a>

Deepak Parekh, a legend from India’s financial capital, must be on your watchlist at Global Trends Festival 2020

<ul><li>HDFC acquired a 51% stake in health insurer Apollo Munich for Rs 13.36 billion.</li><li>It will merge with general insurance company HDFC Ergo.</li><li>The combined entity will have a market share of 8.2% in health and accident segments.</li><li>It will merge with general insurance company HDFC Ergo.</li><li>The combined entity will have a market share of 8.2% in health and accident segments.</li></ul>HDFC has acquired a 51% stake in health insurer Apollo Munich for ₹13.36 billion. The mortgage lender will merge it with its own general insurance company HDFC Ergo, making this combined entity the second largest private insurer in the accident and health segment. This merger comes after the government has been trying to formalise the plan to merge three of its general insurers---New India Assurance, United India Insurance, National Insurance and Oriental Insurance Company to <a href="https://www.financialexpress.com/industry/banking-finance/experts-back-merger-of-new-india-assurance-national-insurance-united-india-and-oriental-india-insurance-company/1607907/">unleash economies of scale</a>. Now, private players have seem to have taken a cue to become bigger and stronger. The combined entity of HDFC Ergo and Apollo Munich will have a market share of 8.2% in health and accident segments. In the non-life insurance segments, it will have a market share of 6.4%. “The combined expertise of HDFC ERGO and Apollo Munich will result in greater product innovation, wider distribution and enhanced servicing capabilities, benefiting their 1.2 crore policy holders,” said <keyword id="6448020" type="DEFINITION" weightage="20" keywordseo="Deepak-Parekh">Deepak Parekh</keyword>, Chairman of HDFC Ltd and HDFC ERGO General Insurance. This acquisition is subject to approval from various regulators including National Housing Bank (NHB), Insurance Regulatory and Development Authority of India (IRDAI) and Competition Commission of India (CCI). Munich Health Germany which is a partner of Apollo will also pay ₹2.94 billion (₹294 crore) to Apollo Hospitals Enterprise and Apollo Energy to support the transaction. “The funds from the divestment will enable us to focus on investing and growing our core healthcare business,” said Shobana Kamineni, Chairperson Apollo Munich Health Insurance and Vice Chairperson Apollo Hospitals Enterprise. This merger would make one player less in India’s crowded general insurance where there were 34 players, before this deal. However, the number of people who have any kind of insurance in the country are less than 3.69% of the population, according to the latest annual report from the regulator, Insurance Development Authority of India (IRDAI).

India had 34 general insurance companies till now-- there will be one less after HDFC’s ₹13.3 billion deal to buy Apollo Munich

Mumbai, Jan 28 () Mortgage finance major HDFC is mulling to invest up to Rs 100 crore per year in technology startups, its chairman Deepak Parekh said on Tuesday.
 The largest mortgage lender will install a dedicated team understanding the startup ecosystem to do the investments, he said.
 The announcement comes at a time when there is a lot of focus on the policy front to encourage startups with an objective of encouraging innovation and creating employment opportunities.
 Many corporate entities and also the largest lender SBI have been creating in-house funds to invest in startups.
 "At the last board meet, I took an idea of investing Rs 100 crore per year in startups," Parekh said, speaking at the annual Tiecon event here.
 He said just like the idea to branch out into universal banking, the board had reluctance with the idea of investing in startups as well, but underlined that he believes there is a need to invest in ideas of the future in the tech space.
 The company will be creating a an in-house team at the headquarters to take charge of investments and exuded confidence that they will start operating in two months.
 Parekh urged the youngsters not to get "consumed" by the ongoing economic slowdown and exuded confidence that the tide will change soon.
 "Do not be disillusioned with the current difficulties. The tide will and has to change," he told the younger entrepreneurs, stressing that India will be an important engine for the world.
 Recounting his days while starting up HDFC Bank, which has become the largest by market valuations now, Parekh said he pushed the board to get into mainstream banking because of the need to diversify beyond its forte of mortgage finance.
 The veteran industry player, who has set up many an entity in the over four decades, said honesty, integrity and accountability are the key attributes that create a successful institution.
 He said it is never too late to start, mentioning that HDFC itself was started as a retirement venture by H T Parekh when he was 65 years old.
 The new institution went through a string on difficulties from its earliest days, including an initial public offering which bombed, difficulties in arranging loans from LIC for which lawyers had to called-in from Washington for convincing and challenges in getting UTI Mutual Fund, the only domestic asset manager, to invest, Parekh said.
 He said despite faced with challenges like absence of security enforcement for defaults, HDFC adopted a unique model open for business and recalled that Infosys co-founder N R Narayana Murthy's first house in the financial capital was bought on a Rs 70,000 loan from his company, granted only on the basis of an appointment letter. AA DRR
DRR

HDFC plans to invest Rs 100 cr per yr in tech startups: Parekh

<ul><li><keyword id="33278" type="PERSON" weightage="20" keywordseo="Rahul-Bajaj">Rahul Bajaj</keyword> said Indian businesses are worried about repercussions if they criticise Prime Minister Narendra Modi’s administration. </li><li>Former Prime Minister <keyword id="6359397" type="PERSON" weightage="20" keywordseo="manmohan-singh">Manmohan Singh</keyword> also said there’s a climate of fear and mistrust among various economic participants including industrialists, bankers and policymakers. </li><li>Vodafone Chief Executive Nick Read landed himself with two lawsuits after he hinted at possible collapse in India operation. </li></ul>Industrialist and Bajaj Group chairperson Rahul Bajaj is making waves for his remarks on the Modi government. The 81-year old said Indian businesses are worried about repercussions if they criticise Prime Minister Narendra Modi’s administration. “None of our industrial friends will speak about it, but I’ll say that openly, You’re (Narendra Modi led government) doing a good job, but despite that, we’re not confident you’ll appreciate if we openly criticise you,” said Bajaj. Bajaj alleged that government is creating an environment of fear where people are not allowed to question it The comment comes at a time when the health of India’s economic growth is worse than expected. Its GDP for the second quarter fell to 4.5%. Moreso, unemployment is rising, and the banking sector is in crisis mode. Bajaj earlier too said that times are difficult time for auto sector without neither demand nor investment. In November 2019, his <keyword id="6359783" type="COMPANY" weightage="20" keywordseo="bajaj-auto">Bajaj Auto</keyword> saw a 12% decline in sales,<a href="https://www.google.com/search?q=bajaj+auto+november+2019+sales&amp;rlz=1C1GCEU_enIN864IN864&amp;oq=Bajaj+Auto+november&amp;aqs=chrome.1.69i57j0l4.4855j0j7&amp;sourceid=chrome&amp;ie=UTF-8"> according to ET Auto. </a> Bajaj is among the handful of people who spoke against the government publicly. Former Prime Minister Manmohan Singh <a href="https://www.thehindu.com/business/Economy/45-gdp-growth-rate-unacceptable-worrisome-manmohan-singh/article30117648.ece">too said there’s a climate of fear and mistrust among various economic participants</a> — industrialists, bankers and policymakers. Here are a few others who dared to bell the cat Vodafone Chief Executive Nick Read landed himself with two lawsuits 
 
 
 
 
 
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 Vodafone chief executive Nick Read landed himself with two lawsuits. In November 2019, Vodafone CEO hinted to reporters in London about a possible collapse of its Indian operation if the government does not give relief to the massive deferred spectrum dues amounting<a href="https://www.businessinsider.in/business/corporates/news/vodafone-idea-posts-a-historic-50000-crore-loss-over-agr-dues/articleshow/72064458.cms"> to ₹44,150 crore. </a>As soon as the press conference was over, two lawsuits were filed against him, <a href="https://www.scmp.com/week-asia/economics/article/3038987/tax-terrorism-indias-slowing-economy-takes-deadly-turn-modis">reported South China Morning Post</a>. Union Telecom and Communications Minister Ravi Shankar Prasad is known to have “expressed disapproval and displeasure over the tone and tenor” of the comments to <keyword id="6354955" type="PERSON" weightage="20" keywordseo="Kumar-Mangalam-Birla">Kumar Mangalam Birla</keyword>, Vodafone’s JV partner. A day later, Read<a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/government-unhappy-over-vodafones-biz-uncertainty-remarks-ceo-says-media-distorted-statement/articleshow/72045518.cms?from=mdr"> apologised</a> to the Indian government and blamed the media coverage for distorting his remarks. He further asserted that Vodafone will “<a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/government-unhappy-over-vodafones-biz-uncertainty-remarks-ceo-says-media-distorted-statement/articleshow/72045518.cms?from=mdr">remain invested” in India.</a> Kumar Mangalam Birla criticised the UPA government 
 
 
 
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 Not just the Modi government, even the UPA was merciless when it came to dealing with dissenters. In 2012, Kumar Mangalam Birla the billionaire promoter of the $48.3 billion Aditya Birla Group, famously gave <a href="https://www.business-standard.com/article/companies/policy-paralysis-has-shaken-investors-confidence-birla-112081800054_1.html">currency to the phrase </a>'policy paralysis' which went on to describe the second five-year term of the Manmohan Singh government. What he didn't know was that soon after the sleuths at CBI would chase him after a surprise raid at a Hindalco office found Rs 5 crore unaccounted cash in its premises. This money got linked to the infamous coal allocation scam. While the firm lost its coal mine <a href="https://www.forbes.com/sites/naazneenkarmali/2013/10/15/billionaire-kumar-birla-dragged-into-indias-coalgate-scandal/#5d145b0e180a">Talbira II in Odisha</a>, Birla himself has since been acquitted in the case of the cash in one of his offices. HDFC chairman <keyword id="6448020" type="PERSON" weightage="20" keywordseo="Deepak-Parekh">Deepak Parekh</keyword> said there's no ease of doing business in India 
 
 
 
 
 
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 A year after Modi’s landslide win in 2014,<a href="https://www.hindustantimes.com/business/pm-had-9-lucky-months-impatience-creeping-in-now-deepak-parekh/story-GYM46n0eEOFUmEA44EXwMJ.html"> Parekh said Prime Minister had a lucky period in these nine months. </a> “The world commodity prices are at all-time low which help India the most. I don’t see ease of doing business changing so far,” <a href="https://www.hindustantimes.com/business/pm-had-9-lucky-months-impatience-creeping-in-now-deepak-parekh/story-GYM46n0eEOFUmEA44EXwMJ.html">he had said</a>. But he had to eat his words, and <a href="https://www.businesstoday.in/opinion/perspective/narendra-modi-govt-nine-months-deepak-parekh/story/220994.html">do a complete U-turn within five months</a>. What transpired behind the scenes is anybody's guess. India has lost confidence of the world: Ratan Tata 
 
 
 
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 In 2016, Ratan Tata the chairman emeritus of the <keyword id="6355725" type="COMPANY" weightage="20" keywordseo="tata-group">Tata Group</keyword> said <a href="https://www.thehindu.com/business/Economy/india-has-lost-confidence-of-the-world-ratan-tata/article5068063.ece">India has lost the confidence of the world </a>and the government has been slow to recognise it. He said the government has “swayed” under the influence of vested interests in the private sector and policies have been “changed, delayed and manipulated”. Tata, who demitted office as Tata group chairman last December, said that Prime Minister Manmohan Singh has held India’s “esteem high but in recent times we have lost it”. Ironically, this was the same year when BJP MP Subramanian Swamy <a href="https://www.businesstoday.in/current/economy-politics/ratan-tata-most-corrupt-chairman-in-history-of-tata-group-says-subramanian-swamy/story/239254.html">filed a complaint against Tata, lobbyist Niira Radia, former Telecom Minister A. Raja and senior Unitech officials for</a> allegedly laundering money to Unitech companies to obtain 2G spectrum licence. Kiran Mazumdar Shaw, an iconic entrepreneur in the pharmaceuticals space, was asked to shut up by a government official 
	
 
 <div type="image" title="Bengaluru: Biocon Chairperson and MD Kiran Mazumdar-Shaw addresses during a pres..." msid="72335493" hostid="261" caption="&amp;lt;p&amp;gt;Biocon Chairperson and MD Kiran Mazumdar-Shaw addresses during a press conference to announce the upcoming event &amp;#39;Bengaluru Tech Summit 2019&amp;#39;, in Bengaluru.Photo) (&amp;lt;/p&amp;gt;"></div>





 After the unfortunate <a href="https://www.businessinsider.in/Narendra-Modi-has-a-new-problem-big-corporates-and-moneybags-are-angry/articleshow/70450878.cms">death</a> of VG Siddhartha of Cafe Coffee Day, his billionaire friends from Bengaluru chimed in his support blaming aggressive tax officials for the demise of the coffee baron. However, Kiran Mazumdar Shaw, an iconic entrepreneur in the pharmaceuticals space, was asked to shut up by a government official. Shaw revealed <a href="https://www.businessinsider.in/Narendra-Modi-has-a-new-problem-big-corporates-and-moneybags-are-angry/articleshow/70450878.cms">to the Telegraph. </a> See also <a href="https://www.businessinsider.in/Narendra-Modi-has-a-new-problem-big-corporates-and-moneybags-are-angry/articleshow/70450878.cms">Narendra Modi has a new problem – big corporates and moneybags are angry</a>

From Deepak Parekh to Vodafone CEO Nick Read —  5 times corporates criticised Indian government and ran into trouble

As <keyword id="472962" type="ORGANIZATION" weightage="20" keywordseo="HDFC-Life">HDFC Life</keyword> and <keyword id="1118012" type="UNKNOWN" weightage="20" keywordseo="max-life">Max Life</keyword> are all set to create the country's biggest private life insurer, <keyword id="6448020" type="PERSON" weightage="20" keywordseo="Deepak-Parekh">Deepak Parekh</keyword> and <keyword id="10338" type="PERSON" weightage="20" keywordseo="Analjit-Singh">Analjit Singh</keyword> came together in a press conference to disclose some of the details of the deal which is now sealed. Parekh said he believes macro economic conditions in India are favourable for such a merger and, HDFC and Max have strong synergies. Meanwhile Analjit said he has not seen effective consolidation in <keyword id="6406875" type="COMPANY" weightage="20" keywordseo="life-insurance">life insurance</keyword> industry in years. 

	Key announcements made: 
 

	- HDFC LIFE to be the listed entity on completion of merger process

	- Max Life to merge into Max Fin Svcs, then into HDFC LIFE

	-Renewable premiums to grow around 10% per year going ahead. New business premium to grow by 15% in five yrs

	-Deal is subject to regulatory, shareholder approvals, and there is no need for open offer in Max Life merger

	-The agreement provides for a mutually agreed 6-month exclusivity period for due diligence and discussions between the parties in relation to a proposed transaction.
 

	The combined entity would be the largest private sector insurer, both in terms of assets under management and new business premiums. Assets under management of the combined entity would touch Rs 1.10 lakh crore and new premiums would almost touch Rs 9400 crore.
 HDFC Life is a joint venture between HDFC and <keyword id="1110792" type="ORGANIZATION" weightage="20" keywordseo="Standard-Life-plc">Standard Life Plc</keyword>, a provider of financial services in the UK. While HDFC holds 61.65 per cent in it, the foreign partner holds 35 per cent. Max Life Insurance, is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo InsuranceCo. Ltd. The foreign partner holds 25 per cent in the insurer. Max Financial Services is already listed on the stock exchanges and is the holding company of Max Life Insurance. 

	For HDFC, this will be the second such merger announced in this month. Earlier in June, HDFC Ergo General Insurance, the general insurance arm of mortgage lender HDFC, said that it will acquire L&amp;T General Insurance for Rs 551 crore, which if completed would be the first ever merger in the insurance industry.

HDFC Standard + Max Life = Rs 50,000 crore, India’s largest private insurance company

<keyword id="6354955" type="PERSON" weightage="20" keywordseo="Kumar-mangalam-birla">Kumar Mangalam Birla</keyword>, chairman of the <keyword id="44373" type="CITY" weightage="20" keywordseo="Aditya-Birla-Group">Aditya Birla Group</keyword> has been shortlisted for the post of chairman of the Indian Institute of Management, Ahmedabad. 
 Among the other people nominated for the post are <keyword id="45123" type="CITY" weightage="20" keywordseo="HDFC">HDFC</keyword> Chairman <keyword id="6448020" type="PERSON" weightage="20" keywordseo="Deepak-Parekh">Deepak Parekh</keyword> and <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> Chairman <keyword id="484178" type="PERSON" weightage="20" keywordseo="R-Seshasayee">R Seshasayee</keyword> as well. The names have been forwarded to the ministry for approval, a top official told the <keyword id="6474066" type="COMPANY" weightage="20" keywordseo="economic-times">Economic Times</keyword>. 
 In January this year, L&amp;T Chairman AM <keyword id="50744" type="PERSON" weightage="20" keywordseo="Naik">Naik</keyword> who was earlier holding this post had stepped down. In March, the institute had named <keyword id="63358" type="PERSON" weightage="20" keywordseo="Cadila-Healthcare">Cadila Healthcare</keyword> Chairman <keyword id="135342" type="PERSON" weightage="20" keywordseo="Pankaj-Patel">Pankaj Patel</keyword> as interim chairman.

IIM-A shortlisted K M Birla for
the post of chairman

Mumbai, Apr 14 () HDFC Chairman Deepak Parekh on Tuesday said he will discuss with State Bank of India for setting up of a distressed assets fund for the real estate sector.The fund will work in a similar manner in which the public sector and private sector partnered to invest and rescue Yes Bank."It was a joint public-private partnership to ensure that another bank (Yes Bank) doesn't go the IL&amp;FS way. We had to join together and put some money."Similarly, we have to join and try to look for (real estate) stressed fund. I will talk to the SBI chairman and see whether we can come together to put capital and get some overseas player like International Finance Corporation (IFC) to come in and invest in that fund," Parekh told representative of real estate developers via video conferencing organised by real estate developer associations- Naredco and Credai.Last year in November, the government had announced to set up a Rs 25,000 crore alternative investment fund - SWAMIH Investment Fund I to provide debt financing for the completion of stalled housing projects.The investment manager of the fund is SBICAP Ventures. HV BALBAL

Will discuss distressed assets fund for realty with SBI: Parekh

New Delhi, Jan 9 () Mortgage lender HDFC on Thursday said it has completed the acquisition of majority stake in Apollo Munich Health Insurance for Rs 1,495.81 crore.
 HDFC bought 50.80 per cent stake of Apollo Hospitals Group in Apollo Munich for Rs 1,485.14 crore and 0.36 per cent shareholding of employees for Rs 10.67 crore.
 On January 2, HDFC had informed that the company and its subsidiary HDFC ERGO has got approvals for acquiring a majority shareholding in Apollo Munich.
 "Subsequent to this approval (regulatory), Apollo Munich Health Insurance Co Ltd has been renamed as HDFC ERGO Health Insurance Ltd (HDFC ERGO Health) and will operate as a subsidiary of HDFC Ltd," HDFC said in a regulatory filing on Thursday.
 The acquisition comes after approvals from the Competition Commission of India, the RBI and the Insurance Regulatory and Development Authority of India.
 Anuj Tyagi, Executive Director &amp; Chief Business Officer at HDFC ERGO General Insurance Company (HDFC ERGO General) has been appointed as the Managing Director and CEO of HDFC ERGO Health, subject to approval from Irdai.
 HDFC ERGO Health and HDFC ERGO General will shortly apply to the National Company Law Tribunal (NCLT) for their merger, HDFC said.
 Post merger, the resultant entity will be the second largest private insurer in accident and health segment in the country, it said.
 "We are committed to create value for all our stakeholders with the combined strength of the brand HDFC and expertise of Apollo Munich in health insurance," said HDFC Chairman Deepak Parekh.
 Shobana Kamineni, Chairperson of Apollo Munich and Vice Chairperson, Apollo Hospitals Enterprise exuded confidence that the company will become stronger under HDFC.
 Apollo Munich Managing Director Antony Jacob will move to Apollo Hospitals Group.
 "The acquisition provides HDFC ERGO with the opportunity to grow by increasing its footprint and distribution network, in line with its strategic objective to be amongst the top private insurers in the industry.
 "Policy holders and channel partners will benefit from enhanced product suites, touch points and technology innovations," said Markus Rieb, Chairman, ERGO Group AG and board member of Munich Re.
 HDFC stock settled at Rs 1,270.80 on the BSE, up 1.09 per cent from the previous close. KPM KPM ANU
ANU

HDFC completes majority acquisition in Apollo Munich

New Delhi, Jul 3 () Wondering why the central bank should be answerable to a court on the basic principles of financial sector, eminent banker Deepak Parekh has said the saga of the Supreme Court questioning the RBI on loan moratorium was "indeed unfortunate". The Chairman of mortgage giant HDFC Ltd, in his annual letter to shareholders, also suggested a one-time restructuring of real estate loans, easing of external commercial borrowing rules and immediate changes in regulations to allow end-to-end execution of housing loans online. "The saga of the highest court of law questioning the RBI on the moratorium was indeed unfortunate. Why should a central bank have to be answerable to a court on basic principles which the financial sector operates on?" he observed. The industry veteran said interest payments on borrowings and loans are contractual obligations and when no laws are being violated then all efforts at this juncture must be channelled towards economic recovery rather than getting into legal wrangles. "These issues must be resolved smoothly and I remain hopeful that the authorities will find solutions to safeguard its stakeholders," he said. Last month, the Supreme Court said there is "no merit in charging interest on interest" for deferred loan payment installments during the moratorium period announced in the wake of the coronavirus pandemic. Once moratorium is fixed then it should serve the desired purposes and the government should consider interfering in the matter as it cannot leave everything to banks, the court had observed. The RBI's March 27 circular announcing moratorium was later modified on April 17 and May 23 by which the moratorium period was extended by another three months that is from June 1 to August 31, 2020 on payment of all installments in respect of term loans (including agricultural term loans and retail and crop loans). In the letter, Parekh lauded the RBI for shouldering a huge burden to maintain financial stability and also stressed the need for a realignment of ready reckoner rates as well. He said the global economy has never before simultaneously seen demand and supply evaporate and the pandemic has revealed the fragility of health systems and the lack of social safety nets the world over. At the same time, the lockdown has reinforced the value of the essentials of life -- food, clothing, shelter and now, the internet. "There can be no better security in life than a home... HDFC is in the right business and we have done business the right way. There may be lags in terms of healing time, but we remain confident that the inherent demand for housing is intact," he said. According to Parekh, FY20 has seen HDFC deliver a good performance, but by no means it was an easy year. Risk averseness in lending heightened, further choking credit where it was needed the most... We had our share of disappointments too. "These pertained to certain long-standing relationships we thought we were confident about. When hardships fell upon them, the legal system overrode our recovery efforts," he said. He said the recovery efforts will continue unabated. "In the most trying times, recent resolutions in our favour have been encouraging, sparking hope of a changing tide". Parekh further said a scenario is emerging where there may be inorganic opportunities for HDFC group companies and some of its subsidiary companies will need additional capital for their expansion plans. "We have also identified new investment opportunities that will help build the next generation of value creators for HDFC. To support this, we are putting in place a roadmap for our future capital requirements," he said. Parekh said woes of the Indian economy predate the pandemic and pressed for solutions that do not impinge on the limited resources of the government given the immense constraints on fiscal finances. He said the government has rightly recognised the benefits of encouraging housing, given the construction sector being the second largest employment generator and having multiplier effects through its extensive backward and forward linkages with other industries. "A few policy changes will go a long way in supporting housing and housing finance going forward," he said, while suggesting steps to liberalise external commercial borrowings and also a one-time restructuring for real estate loans. If developers do not have cash flows due to a slowdown in sales or delay in receiving requisite building approvals, they can neither complete the existing projects nor can they service their loans, he said. Even if a lender is willing to help the project stay viable, any modification in the terms of the loan, including additional funding is construed to be a non-performing loan under the current regulatory norms. "Allowing for a restructuring of these loans and categorising them as standard assets will facilitate last mile funding for these projects," he said. Parekh also favoured changes in regulations so as to facilitate end-to-end execution of mortgages online. "Currently, loans are being approved online, but disbursements cannot happen as e-signatures on mortgage documents or agreements pertaining to immovable properties are excluded from the purview of the Information Technology Act, 2000. "With the immense thrust on technology in the financial sector, this amendment can easily be facilitated through an ordinance," he said. BJ RAM

Why RBI should be answerable to court on basic financial sector principles: Parekh

Mumbai, Apr 14 () HDFC Chairman Deepak Parekh on Tuesday said he sees 20 per cent drop in property prices of unsold residential inventory, and advised developers to offload their stocks to enhance liquidity position.He also cautioned developers against over leveraging, which can affect their businesses in the long-run."I think the prices of real estate have to come down and will come down. I believe Naredco's estimate is between 10-15 per cent. I feel one must be prepared for even 20 per cent," Parekh said while addressing representatives from the real estate sector through video conferencing, organised by real estate developers associations - Naredco and Credai.He said the drop in prices will be for existing flats that are already built but the developers are sitting on those stocks as they are waiting for prices to increase later."Compromise, compromise and compromise. Be willing to offload some of the unsold inventories at whatever price. You need liquidity," Parekh advised the real estate developers.He said developers should not equate the private equity (PE) commitment or sanction line of credit available with them to liquidity in today's time."No one who has sanctioned loans to you or given a PE commitment today will agree to disburse post COVID-19. They will review it again, they will change their mind and they will relook at the big issues," Parekh said.He said it will take at least six months for the demand in real estate sector to pick-up.According to him, the current liquidity challenge which developers are facing is due to over leverage. "Be careful of the perils of leverage. I have repeatedly said that leverage borrowing is a double edge sword. In good times it amplifies your profit, but in bad times it kills you," he said.Parekh said developers should use the Reserve Bank of India's three-month moratorium option on repayment of loans as the last resort."Use the moratorium as the last resort because it is pushing the can down the road and there is a cost to it. Before opting for a moratorium, know what will be your strategy after 90 days when the moratorium is lifted. Don't let it slip into NPA once the moratorium is lifted," he said.He said for the potential home buyers, who have got job security or cash flows, this is an excellent buying opportunity as prices will come down.Parekh said corporates are likely to postpone buying commercial real estate at least till the time they have clarity on the situation."Let me reiterate that commercial real estate requirements will not evaporate. This work from home may be possible to some extent but we are not going to see the entire workforce migrate to a work from home culture on a permanent basis," he added. HV BALBAL

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