Indiabulls' tie-up with Sogecap for the life insurance business is on and the Indian firm is going ahead with its plans in spit of the problems faced by the latter's parent company.Sogecap is a subsidiary of French bank Societe Generale, which is reeling under a recent massive fraud of $7 billion by a trader."I have spoken to SogeCap CEO and the tie-up is on," Indiabulls CEO Gagan Banga, CEO, Indiabulls, told PTI.On December 31, Indiabulls informed the BSE that it had entered into a Memorandum of Understanding (MoU) with Societe Generale Insurance for a life insurance joint-venture.As per the MoU, Societe Generale, through its life insurance company Sogecap, would own 26% of the JV.Indiabulls has received RBI's approval to invest in the JV. The total investment in the insurance company will be $250 million for the next 2-3 years, into which Indiabulls will be putting around $100 million with the rest brought in by the foreign partner."Life insurance would be a key focus area for Indiabulls. We are currently undergoing regulatory approval process with Insurance Regulatory and Development Authority,"Banga said."There is a four-stage process to get Insurance Regulatory and Development Authority's (IRDA) approval. Indiabulls is at stage one. It may take a little longer to launch," he added.
