Exide looks at equity partner for ING Vysya Life Insurance after the exit of ING Group earlier this year.
Industrial battery maker Exide Industries Ltd is looking to bring in an equity partner in its insurance firm, ING Vysya Life Insurance Co. Ltd, following the sale of the ING Group’s interests in all Asian insurance ventures earlier this year.
The insurer is now wholly owned by Exide, after it bought in March the combined 50% stake of its three partners. ING, a Dutch financial services group, held 26% in the firm. The insurer is now looking to issue new shares to expand its capital base for growth, said P.K. Kataky, Exide’s chief executive officer and managing director.
Exide does not intend to sell its own stake immediately though it will get diluted due to the share sale by the insurer, he added.
No comments:
Post a Comment