New Delhi, Apr 18: Indiabulls Financial Services Ltd (IBFSL) today said it has entered into a joint venture agreement with Sogecap, the life insurance subsidiary of Societe Generale of France, for its upcoming life insurance venture.
The company together with its promoters will hold 74 per cent stake in the joint venture named 'Indiabulls Societe Generale Life Insurance Co Ltd', which will be initially capitalised to the extent of Rs 300 crore, a statement said here. IBFSL, one of the largest financial services companies in the country with a net worth of close Rs 4000 crore, will distribute financial products while Sogecap will be involved in innovative product manufacturing and pricing.
It is expected that the venture will be up and running before the end of the year.
The company had some time back obtained RBI's nod to go ahead with the venture. Now, it will move ahead with the necessary regulatory approval from insurance regulator IRDA.