Insurance Australia, Axa and Bupa to hike their stake in joint ventures
GN Bureau | March 26, 2015
Insurance sector is looking for bonanza with foreign inflows of about $4 billion in near future. This follows the passage of insurance bill in parliament that allows foreign investment in the insurance sector up to 49%, from 26%.
An indication of this foreign investment came on Thursday with the announcement of reduction stake by State Bank of India in the general insurance company from 76% to 51%. This would lead to the corresponding increase of stake of IAG (Insurance Australia Group) from 26% to 49%.
On Wednesday, the executive committee of the central board decided to initiate the necessary action as per JV agreement for dilution of SBI's stake.
The bank also holds 76% in its life insurance venture and may see the foreign partner increasing its stake in the life venture too. SBI Life Insurance is a joint venture between SBI and BNP Paribas Cardif.
SBI chairman Arundhati Bhattacharya had said last month that both domestic and international investors have shown interest in picking up stake and also hike it in the life and general insurance ventures.
After the Insurance Bill became a law, other insurance companies have started dilution move. The Bharti group has said that its foreign partner Axa will increase its stake to 49%.
In Max Bupa Health Insurance company, the international partner Bupa has also announced upping its stake to 49%.
Other private insurance major Reliance Capital had said that the company would soon initiate a dialogue with Nippon, its partners in life insurance, for increasing their stake.
Our hearts almost skipped a beat when we heard community health officer (CHO) Dr. Sandeep Kakuste’s success story with baby Pinki Lakhan Patil, who was born underweight in a brick kiln. Pinki weighed 1.7 kg at birth. As she was on exclusive breastfeed she could not have gained weight by any other met
A videography survey in the Gyanvapi mosque in Varanasi this month, along with a similar survey in the mosque in Mathura permitted by a court, has brought the Places of Worship Act under focus after a gap of three decades. In 1991, at the peak of the Ram Janmabhoomi movement, the PV Narasimh
The Government of Gujarat had set up a task force committee in February 2022 under the chairmanship of Dr. Hasmukh Adhia, former union finance secretary, to work out a strategy for the state to contribute in making India a USD 5 trillion economy, as per the vision of the prime minister. In three months, th
This time it was not Lord Hanuman, but the poor decision-making of the political leaders combined with several global economic factors that set Sri Lanka in flames. A state of emergency was declared in Sri Lanka. This month, after the Prime Minister of Sri Lanka resigned from his post, the
Being and Becoming Multilingual: Some Narratives Edited by Rajesh Sachdeva and Rama Kant Agnihotri
The BrihanMumbai municipal corporation (BMC) has rejected the Congress accusations of financial irregularities worth Rs 8,000 crore—9,000 croe in awarding contracts for getting project-affected people (PAP) tenements on private land. BMC has said that it implements vital p