Kathmandu. British multinational insurance group, Prudential PLC (Prudential) on Thursday announced plans to set up a joint venture with HCL Group promoter company Wama Sundari Investments (Delhi) Private Limited (Wama) for an Indian standalone health insurance company.
According to Asian Insurance Post, Prudential PLC’s British subsidiary, Prudential Group Holdings Limited, has agreed to hold a 70 percent stake in the joint venture, subject to regulatory approval. The remaining shareholding will be restricted to Indian investors.
In the Indian insurance market, Prudential PLC has been operating a life insurance company called ICICI Prudential Life Insurance in a joint venture with ICICI Bank since 2001. The company is among the top five privately promoted life insurers in India. Prudential has a long-standing partnership with ICICI in ICICI Prudential Asset Management Company, one of India’s largest asset management firms.
