Mumbai, Nov. 14 -- Mahindra & Mahindra Ltd has made a regulatory filing to the stock exchange that it will form a 50:50 joint venture to establish a life insurance company in India.
According to the stock exchange filing, the total capital commitment for the venture will be Rs 7,200 crore, which would mean that each company will invest Rs 3,600 crore. The joint venture company is expected to begin with an investment of Rs 1,250 crore over the first five years, after which investment will be stepped up.
The announcement builds on the success of Mahindra Manulife Investment Management, their mutual fund joint venture launched in 2020. Mahindra and Manulife will jointly apply for an insurance license and initiate operational planning, accord...