For foray into Health Insurance and Wellness business in India
Aditya Birla Nuvo announced that the Company has on 03 June 2015 entered into definitive Joint Venture agreements with MMI Holdings, a leading South African Insurance based financial services group, to enter into the Health Insurance and Wellness business in India.As per the agreements, ABNL will hold 51% share in the Joint Venture Company named Aditya Birla Health Insurance Co. (ABHICL), subject to the regulatory approvals.
ABHICL is in the process of making an application to the Insurance Regulatory and Development Authority of India for obtaining license to start health insurance and wellness business operations. The Company expects to commence operations in next 12-15 months.
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