IBFSL enters into MoU with Societe Generale Insurance
New
Delhi,
Dec
31:
Indiabulls
Financial
Services
Ltd
(IBFSL)
today
said
it
has
entered
into
a
Memorandum
of
Understanding
(MOU)
with
Societe
Generale
Insurance
(SGI)
for
its
upcoming
life
insurance
joint
venture.
''Societe General, through its French life insurance company, Sogecap, will own 26 per cent of the future joint venture,'' a company statement said. Indiabulls has already received the Reserve Bank of India's approval to invest in the joint venture, and has also approached IRDA, the Insurance Regulatory and Development Authority, for the necessary regulatory approvals, it added.
UNI
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Story first published: Monday, December 31, 2007, 13:39 [IST]