Mumbai: Indiabulls Financial Services said on 21 December the company has decided to end its partnership with an arm of Frances Societe Generale for life insurance business in the country, but did not say if it was looking for a new partner.
Sogecap, the subsidiary of Societe Generale (SG) of France and the company has mutually agreed not to pursue the life insurance joint venture in India, for which they have entered into an agreement, Indiabulls Financial Services said in a filing to the Bombay Stock Exchange.
The company did not disclose any reason for discontinuing the joint venture agreement with Sogecap.
The company, last year in April, had entered into a joint venture agreement with Sogecap. It had received approval from the Reserve Bank to hold 74 per cent stake in the venture, the filing added.
The life insurance company had also received approval from Insurance Regulatory and Development Authority (IRDA) to pursue the life insurance venture, it said.
Shares of Indiabulls Financial Services were trading at Rs 127.25 on BSE, down 1.17 per cent from previous close.