Prudential Plc, a UK-based financial services giant, announced on Thursday a partnership with Vama Sundari Investments (Delhi), a promoter company of HCL Group, to launch a standalone health insurance company in India.
The joint venture will see Prudential Group Holdings, a UK subsidiary of Prudential Plc, hold a 70% stake, while Vama Sundari Investments will retain the remaining 30%.
This marks Prudential’s second venture into the Indian insurance market and comes shortly after the Indian government’s decision to permit 100% foreign direct investment (FDI) in the sector.
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