New Delhi, Nov. 13 -- Mahindra & Mahindra Ltd. (M&M) announced that its board of directors has approved entering into a joint venture with Canada's Manulife Financial Corporation to carry on the life insurance business.

M&M and Manulife have entered into an agreement to establish a 50:50 life insurance joint venture, subject to regulatory approval. M&M will hold 50% of paid-up share capital in the proposed joint venture company, and the balance 50% paid-up share capital will be held by Manulife or any of its affiliates in accordance with the aforesaid joint venture agreement.

"This new venture will strengthen Mahindra and Manulife's existing footprint in India and underscores their commitment to enhancing the financial wellbeing of cust...