Australia-based Insurance Australia Group is in advanced talks to buy a 26 per cent stake in HDFC Chubb General Insurance, following the buyout of Chubb's stake by HDFC.
The general insurance industry recorded 12.5 per cent growth in business at Rs 14,452 crore (Rs 144.52 billion) during April-February 2003-04, mainly on the strength of a robust 72 per cent growth of private players.
Housing Development Finance Corporation Ltd said on Tuesday it will acquire US-based Chubb Global Financial Services Corporation's 26 per cent stake in their joint insurance venture.
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