Indiabulls, SocGen sign insurance JV agreement
Indiabulls on Thursday said it has signed an agreement with French banking giant Societe Generale to start a life insurance joint venture in India and expects it to be up and running before the year-end.
By PTI |
NEW DELHI: Indiabulls on Thursday said it has signed an agreement with French banking giant Societe Generale to start a life insurance joint venture in India and expects it to be up and running before the year-end.
Indiabulls Financial Services Ltd (IBFSL) would own 74 per cent stake in the venture, to be named Indiabulls Societe Generale Life Insurance Co Ltd, while the remaining stake would be with Sogecap, the insurance subsidiary of SocGen.
Indiabulls, being an NBFC, had previously obtained RBI's approval to go ahead with the venture. Today's agreement has cleared the decks for the company to move ahead with necessary regulatory approval from the insurance regulator IRDA.
"This alliance is a significant step forward in our quest to be a financial power-house providing a range of financial services and reaching out to a mass of Indian customer in the hitherto penetrated areas," Indiabulls group Chairman Sameer Gehlaut said in a statement.
While Indiabulls officials declined to go into details, sources close to the development said Sogecap has committed to provide technical support to the JV project by deputing some of its key personnel in the areas of actuarial and financial management.
Indiabulls Financial Services (IBFSL) is one of the largest financial services companies in the country with a net worth of close Rs 4,000 crore ($1 billion).
Indiabulls Financial Services Ltd (IBFSL) would own 74 per cent stake in the venture, to be named Indiabulls Societe Generale Life Insurance Co Ltd, while the remaining stake would be with Sogecap, the insurance subsidiary of SocGen.
Indiabulls, being an NBFC, had previously obtained RBI's approval to go ahead with the venture. Today's agreement has cleared the decks for the company to move ahead with necessary regulatory approval from the insurance regulator IRDA.
"This alliance is a significant step forward in our quest to be a financial power-house providing a range of financial services and reaching out to a mass of Indian customer in the hitherto penetrated areas," Indiabulls group Chairman Sameer Gehlaut said in a statement.
While Indiabulls officials declined to go into details, sources close to the development said Sogecap has committed to provide technical support to the JV project by deputing some of its key personnel in the areas of actuarial and financial management.
Indiabulls Financial Services (IBFSL) is one of the largest financial services companies in the country with a net worth of close Rs 4,000 crore ($1 billion).
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