Exide not to divest stake in insurance business

India Infoline News Service | Mumbai |

The battery major has decided to run the operations through 100% ownership

Exide Industries has cancelled its plans to bring in a strategic partner into its life insurance business. The company is not divesting any part of its stake in the life insurance business. Instead, the battery major has decided to run the operations through 100% ownership.
Exide Industries which fully owns ING Vysya Life Insurance on Monday clarified that it has no plans to offload stake in the life insurance company.
Last week, media reports had said that Exide was in advanced talks to sell 26% stake in the insurance entity to Korean insurer Samsung Life Insurance.
Exide Industries has been holding 50% stake in the life insurance company since the last eight years and acquired 100% ownership in 26% stake to its joint venture partner Exide Industries. The deal valued ING Vysya Life at Rs 1,100 crore.
 

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