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Mitsui Sumitomo approved for 26 percent stake in life insurance JV

By  |  June 4, 2012
Mitsui Sumitomo approved for 26 percent stake in life insurance JV

The Competition Commission of India (CCI) has approved a 26 percent stake transfer in Max New York Life Insurance (MNYL) to Japanese insurance company Mitsui Sumitomo. MNYL is a joint venture between Max India and New York Life. The terms of the transfer call for 16.63 percent from New York Life and 9.37 percent from Max India. Furthermore, New York Life will exit from the venture and Mitsui Sumitomo will control MNYL.

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