BackExide to buy remaining 50% in ING Vysya Life Insurance
After the acquisition, Exide will induct an international life insurer to infuse fresh equity into ING Vysya
Premium(Ramesh Pathania/Mint)
Mumbai: Exide Industries Ltd, which owns 50% in ING Vysya Life Insurance Co. Ltd, on Wednesday said it has decided to buy the remaining stake from other shareholders of the life insurer for ₹ 550 crore.
ING Group owns 26% in the life insurance firm, while 16.32% is held by Hemendra Kothari Group and 7.68% by Enam Group. Exide did not state the time frame for the stake purchase.
After the acquisition is completed, Exide will identify and induct a new international life insurer to infuse fresh equity into ING Vysya Life for the latter’s expansion plans, Exide told BSE Ltd.
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