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Saturday, March 23, 2013

ING Vysya Life is now subsidiary of Exide Ind

Exide Industries Ltd said on Friday it has bought out three other partners holding 50 per cent stake in ING Vysya Life Insurance Co Ltd (IVL).

It informed the stock exchanges that the purchase deals involved erstwhile partners — 26 per cent of ING Group, 16.32 per cent of the Hemendra Kothari Group and 7.68 per cent from the Enam Group. The total consideration was around Rs 550 crore.

ING Vysya Life Insurance Co has now become a wholly-owned subsidiary of Exide. The Kolkata-headquartered battery-manufacturing company had first “invested” in the insurer in 2005.

Source: thehindubusinessline


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