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Insurance firms sure foreign partners will want stake

Insurance firms sure foreign partners will want stake
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First Published: Wed, May 20 2009. 11 39 PM IST
Updated: Wed, May 20 2009. 11 39 PM IST
Mumbai: If India allows foreign partners to raise their stake to 49% in the country’s insurance firms from the current 26% limit, the local partners would let their overseas counterparts take the first call.
“I can definitely say that Allianz would be very happy to increase the stake to 49%. Talking to my other colleagues, most of them...are 100% sure that the foreign insurance companies would be more than willing to increase the stake,” said Kamesh Goyal, managing director of Bajaj Allianz Life Insurance Co. Ltd, which has a partnership with Munich-based Allianz SE.
“The first priority is to share this with Prudential...because it’s a part of the business,” said V. Vaidyanathan, managing director of ICICI Prudential Life Insurance Co. Ltd, which has a partnership with the UK-based Prudential Plc.
cnbctv18@livemint.com
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First Published: Wed, May 20 2009. 11 39 PM IST