Financial Daily from THE HINDU group of publications
Tuesday, Mar 07, 2006
Financial Daily from THE HINDU group of publications Tuesday, Mar 07, 2006 |
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Money & Banking
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Life Insurance IDBI to tie up with Fortis for insurance arm Our Bureau
Mumbai , March 6 IDBI Ltd will tie up with the Netherlands-based Fortis Insurance International NV (Fortis) for its life insurance subsidiary, the bank informed the Bombay Stock Exchange on Monday. A memorandum of understanding would be signed on Tuesday, following which the bank would approach the Reserve Bank of India and the Insurance Regulatory and Development Authority for permission, said a senior official from the bank. IDBI would be the largest shareholder in the joint venture, which would have an initial capital of Rs 100-150 crore. The third partner is most likely to be a bank, though it is yet to be decided, the official said.
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