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Aditya Birla Nuvo Ltd (ABNL) today announced a joint venture with MMI Holdings, a South African financial services group, to enter the Indian health insurance and wellness market.
"As per the agreements, ABNL will hold 51% share in the joint venture company named Aditya Birla Health Insurance Co Ltd (ABHICL)," the company said in a filing to the BSE.
The JV is in the process of making an application to the Insurance Regulatory and Development Authority of India for a license, it added.
"The company expects to commence operations in next 12-15 months," the filing said.
ABNL already has presence in different segments of financial services, including the Birla Sun Life Insurance Company (BSLI) -- a 74:26 joint venture between Aditya Birla Nuvo and Sun Life Financial, a leading international financial services organisation from Canada.
As per the company's website, it has asset under management worth $4.8 billion.
MMI, which has a market capitalisation of 26.7 billion rand, is mainly into long and short-term insurance, asset management, savings, investment, healthcare administration, health risk management, among others.
