UK's Prudential to float venture with HCL group for health insurance

Prudential plc, Prudential plc joint venture with Vama Sundari Investments, Vama Sundari Investments (Delhi) Private Ltd, HCL Group, Indian express business, business news, current affairsApart from 27 non-life insurance companies, seven standalone health insurance firms are already operating in India.

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UK-based insurance giant Prudential plc has announced its plan to establish a joint venture with Vama Sundari Investments (Delhi) Private Ltd, an HCL Group's promoter company founded by Shiv Nadar, to operate a standalone health insurance business in India. Subject to obtaining regulatory approvals, Prudential Group Holdings, a UK subsidiary of Prudential plc, will hold a 70% stake in the joint venture, while Vama will hold the remaining 30% stake. Prudential plc is a member of the UK FTSE100 Index. Prudential's announcement comes three days after the exit of German insurance giant Allianz from joint ventures with the Bajaj group. In India, Prudential's business primarily consists of a 21.97 per cent holding in the Indian Stock Exchange listed l