Aditya Birla Nuvo provides update on joint venture with MMI Holdings

Aditya Birla Health Insurance Co. receives subscription amount for equity shares in terms of JVA

Aditya Birla Nuvo announced in reference with the Joint Venture Agreement entered into by the Company with MMI Holdings, a leading South African Insurance based financial services group, to enter into the Health Insurance and Wellness business in India, subject to the regulatory approvals. Accordingly, the shareholding in Aditya Birla Health Insurance Co. (ABHICL), the Joint Venture Company, was agreed to be held in the ratio of 51% by the Company and / its subsidiary and the balance 49% by the aforesaid JV Partner.

Subsequently, ABHICL, the said Joint Venture Company, has received the subscription amount for the equity shares on 14 June 2016 and thus in line with the aforementioned JV Agreement, MMI Strategic Investments (PTY) has acquired 49% stake in the ABHICL. Aditya Birla Financial Service, a subsidiary of the Company, will continue to hold 51% stake in ABHICL.

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