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Aditya Birla Financial Services Group has signed a memorandum of understanding (MoU) with the South Africa-based MMI Holdings Ltd to enter the health insurance market of India.
Aditya Birla Financial Services Group and MMI Holdings will enter into a formal joint venture in which the foreign partner will hold 26 per cent stake – the maximum allowed as per the existing foreign direct investment norms in the sector.
“Health insurance as a category has extremely low penetration levels in India. Given our group’s focus on building our retail presence across products, we foresee a huge potential to target the requirements of untapped customers and their families. Our partnership with MMI Holdings Ltd will give us the competitive edge given their strong proficiency in the health insurance sector,” said Ajay Srinivasan, Chief Executive - Financial Services, Aditya Birla Group.
The Aditya Birla Group currently operates in the life insurance segment through Birla Sun Life Insurance (BSLI). BSLI is a joint venture with the Canada-based Sun Life Financial Inc.
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