ING will sell its 26% interest in ING Vysya Life Insurance to its JV partner Exide Industries, according to a company statement. The transaction is part of the intended divestment of ING’s Asian insurance and investment management businesses, and marks its exit from India’s life business.
Subject to regulatory approval, the transaction is expected to close in the first half of 2013. The agreement does not impact ING Vysya Bank, a publicly listed Indian bank in which ING has a 44% stake, nor ING’s fund management business in the country.
ING Vysya Life Insurance has for over a decade served more than one million customers in over 200 cities in India. Headquartered in Bangalore, ING Vysya Life Insurance distributes its products through more than 30,000 ING life insurance advisors, bancassurance partner ING Vysya Bank, referral partners, corporate agents and brokers.
Exide Industries is India’s largest producer of automotive and industrial batteries, with seven manufacturing plants located across the country. Exide Industries has been a shareholder of ING Vysya Life Insurance since 2005.