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 Rs.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.
