Religare Enterprises Ltd (REL) on Thursday announced its plan to exit Aegon Religare Life Insurance Company, a three-way joint venture between REL, Aegon and Bennet, Coleman and Company.
Currently, REL holds 44 per cent stake in this JV, Aegon 26 per cent and the balance rests with Bennett, Coleman and Company Ltd.
“After a strategic review, Religare has expressed a desire to exit the joint venture. Religare and Aegon have agreed that Religare will exit once a replacement shareholder is identified and is approved by the regulatory authorities.
“In the meantime, Religare remains fully committed to the joint venture,” REL Group CEO Schachindra Nath told
REL is yet to identify a buyer for its 44 per cent stake in the life insurance joint venture and the process of finding one is expected to start now.
Nath also made it clear that Religare was not looking to exit from its health insurance and all other business. “Our health insurance business is doing extremely well and we are controlling shareholders there. Health insurance and all other business are core to Religare platform and there is no intention to exit from any of our other business,” he said.