Holland’s ING became the latest big global insurance group to announce the formation of a joint venture with Indian partners in order to enter India’s insurance market.
ING will hold a 26 percent interest, the maximum permitted under Indian regulations, in a joint life insurance company, with Vysya Bank Ltd. holding a 49 percent stake and another Indian company, The Damani Group, owning 25 percent.
The company’s initial capitalization is set at 3 billion rupees (about $65 million), and will be paid in accordance with the percentage of shareholdings.
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