American International Group and Tata Group, one of India’s largest and most successful industrial conglomerates, have joined forces to launch insurance ventures in life insurance and p/c in India.
In accordance with new laws, which recently went into force, AIG will own 26 percent of Tata AIG Life Insurance Company Ltd. and Tata AIG General Insurance Company Ltd., the maximum foreign participation allowed, and Tata the majority 74 percent stake.
The company’s hope to become operational within 2-3 months of the receipt of approval from India’s Insurance Regulatory Development Authority.
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