Deepak Parekh wants to make HDFC Ergo larger before taking it public

The wait just got longer for investors eagerly looking forward to the listing of Housing Development Finance Corp's Ergo General Insurance Company.

HDFC Chairman, Deepak Parekh wants to grow Ergo General Insurance a little more before taking it public.

"Listing of HDFC Ergo is still a couple of years away. We need to grow it big and make it larger," Parekh said at a press meet to announce the IPO of HDFC Asset Management Company.

HDFC AMC will be the 5th IPO within the HDFC group.

HDFC Ergo General Insurance is a joint venture between HDFC and Ergo International AG, part of Germany's Munich Re Group and a leading reinsurer in Europe. HDFC has a 51 percent stake and Ergo holds 49 percent. Arpwood Capital is advisor to the deal.

HDFC Ergo has acquired the L&T General Insurance business and is now the third-largest private sector insurer in the Rs 1.5 lakh crore industry.