Mahindra & Mahindra and Manulife to Establish a 50:50 Life Insurance Joint Venture in India
Mahindra & Mahindra Ltd. and The Manufacturers Life Insurance Company (Manulife) have agreed to form a joint venture company (JVCo.) in India to carry on the business of providing life insurance and related activities. The JVCo. will be incorporated as a public limited company under the Companies Act, 2013, with Mahindra & Mahindra and Manulife each holding 50% of the paid-up share capital. The joint venture aims to offer long-term savings and protection solutions tailored to the diverse needs of India's population, with a focus on rural and semi-urban areas. The total capital commitment from each shareholder is up to Rs 3,600 crores (US$400 million) over the first ten (10) financial years of JVCo. The transaction is at arm's length and does not involve any related parties.
Key Highlights
- Mahindra & Mahindra and Manulife to form a 50:50 joint venture company in India for life insurance business.
- JVCo. to be incorporated under the Companies Act, 2013, with Mahindra & Mahindra and Manulife each holding 50% of the paid-up share capital.
- The joint venture aims to offer long-term savings and protection solutions tailored to the diverse needs of India's population.
- Total capital commitment from each shareholder is up to Rs 3,600 crores (US$400 million) over the first ten (10) financial years of JVCo.
- The transaction is at arm's length and does not involve any related parties.