Dutch financial conglomerate ING has agreed to dispose of its 26% stake in Indian joint venture (JV), ING Vysya Life Insurance Company, to its partner Exide Industries, for an undisclosed sum.
As part of a previously disclosed divestment process of its Asian Insurance and Investment Management businesses, the exit from the JV is subject to receipt of regulatory approval and customary closing conditions.
The transaction is likely to complete during the first half of 2013, and the process for the remaining businesses will continue as planned.
The sale will not have any effect on ING Vysya Bank, in which the company holds a 44% stake, nor its fund management business in the country.
Headquartered in Bangalore, ING Vysya Life Insurance serves over one million customers in more than 200 cities across India, through more than 30,000 ING Life Insurance Advisors, bancassurance partner ING Vysya Bank, Referral Partners, Corporate Agents and Brokers.
Exide Industries, which has been a shareholder of the JV since 2005, is a producer of automotive and industrial batteries, with seven manufacturing plants in the country.
ING provides banking, investments, life insurance and retirement services, with operations mostly concentrated in China, Hong Kong, India, Japan, Malaysia, South Korea and Thailand.