India’s Aditya Birla Group and South
Africa’s MMI Holdings Limited have entered a deal to enter Indian health
insurance market.
As per the MoU, signed between Aditya
Birla Financial Services Group, the financial services arm of Aditya Birla
Group and MMI Holdings Limited, MMI will hold 26 per cent stake in the joint venture.
The Aditya Birla Group already has a
life insurance company, Birla Sun Life Insurance. This is a joint venture with
Sun Life Financial Inc, one of the leading international financial services
organisations from Canada.
MMI is a leading insurance-based
financial services company listed on the South African stock exchange. Created
in December 2010 through the merger of Metropolitan Holdings and the Momentum
Group, MMI is one of the largest insurers in South Africa, doing business in 12
African countries outside South Africa and the United Kingdom.
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