ING announced on Wednesday that it has agreed to sell its 26 per cent interest in ING Vysya Life Insurance Company Ltd to its joint venture partner Exide Industries Ltd.
ING’s exit from the Indian life insurance joint venture is part of the previously announced intended divestment of ING’s Asian insurance and investment management businesses.
Subject to regulatory approvals, the transaction is expected to close in the first half of 2013.
ING has a 44 per cent stake in ING Vysya Bank and also a presence in the fund management business in India.
Exide Industries is India’s largest producer of automotive and industrial batteries, with seven manufacturing plants located across the country. Exide Industries has been a shareholder of ING Vysya Life Insurance since 2005.
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