The board of directors of ING Vysya Bank, at its meeting held on May 28 have approved the bank's sale of 14.87 per cent stake in ING Vysya Life Insurance Company to Gujarat Ambuja Cements for Rs 60.9 crore (Rs 609 million).
Hemendra Kothari, the former chairman of DSP Merrill Lynch, is set to acquire Ambuja Cements' stake in ING Vysya Life Insurance for around Rs 190 crore.
All the participating Indian players will be provided with a life insurance cover of Rs 5 lakh each
Deal with current owner Exide may be signed next week
Exide Industries Ltd, foraying into the life insurance sector by picking up stake in ING Vysya Life Insurance Company Pvt Ltd, has earmarked a total investment of Rs 400 crore (Rs 4 billion) for the life insurance venture in the next four years.
Visa and 20 insurance companies in India have joined forces to make paying life and general insurance premiums "faster and easier" through a range of new payment options for Visa cardholders
In the broader market, BSE midcap and BSE smallcap indices underperformed the larger counterparts and ended flat with a negative bias.
Higher disposable incomes, rural push and infra push to boost auto sector
The spike at private sector lenders like ICICI Bank and Axis Bank follows a push to grab market share from India's dominant state banks.
Key events that rocked India Inc in 2014 and one of them is Vishal Sikka taking over reins at Infosys.
Experts hail Budget 2015 as a progressive, growth oriented one.
'SBI is already too big. Too big to fail.' 'It already is a moral hazard. What will it do with 20,000 branches that it cannot do with 14,000, especially in these days of online and mobile banking?'
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