Swiss Re, Religare in talks for jv: report

Swiss Re, Religare in talks for jv: report
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First Published: Thu, May 28 2009. 12 51 PM IST
Updated: Thu, May 28 2009. 12 51 PM IST
Mumbai: Swiss Re the world’s second-largest reinsurer, is in talks with India’s Religare Enterprises to form a joint venture health insurance company in India, the Economic Times said on Thursday.
Discussions for the venture were in advanced stages, the newspaper said, citing an unnamed executive from Religare.
The two companies planned to invest up to Rs5 billion ($105 million) initially in the venture, it said, citing another person close to the development.
Religare and Swiss Re both declined to comment on the report.
Indian laws cap foreign shareholding in each insurance venture at 26%.
Swiss Re has a 26% stake in TTK Health Care, a third-party administrator in the health insurance sector, the paper said.
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First Published: Thu, May 28 2009. 12 51 PM IST