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IBFSL enters into MoU with Societe Generale Insurance

By Staff

| Published: Monday, December 31, 2007, 13:39 [IST]

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