HDFC nominates Keki Mistry as non-executive chairman of HDFC ERGO

Deepak Parekh, the chairman of Housing Development Finance Corporation, has resigned as the non-executive chairman of the company's insurance arm HDFC ERGO General Insurance.

The report added that HDFC has nominated Keki Mistry, the incumbent vice chairman and CEO of the company, as a non-executive chairman.

HDFC ERGO is, notably, a joint venture between Germany's ERGO International AG and HDFC Ltd, with the latter holding the majority stake of 50.56 percent. The German insurance brand ERGO owns a 48.46 percent stake.

While Parekh is stepping down from his role at HDFC ERGO, he continues to remain a board of several corporations across diverse sectors, including the National Investment and Infrastructure Fund

(NIIF) and Siemens India where is serving as the non-executive chairman. The industry veteran is also on the advisory boards of Coca-Cola India, and Accenture, and the international boards of DP World – UAE and Fairfax Financial Holdings Corporation -Canada.