Mitsui Sumitomo buys 26% stake in Max New York Life

[NewsDesk]

Mitsui Shumitomo has picked up 26% stake in Max New York Life Insurance Company for an undisclosed amount. New York Life the current foreign shareholder has exited from the JV. Max India will continue to own 74% stake in the JV.

In a complex transaction, New York Life sold part of its 26% stake directly to Mitusi Sumitomo and partly to Max India, which in turn sold a part to the Japanese partner.

Mitsui Sumitomo Insurance has already entered India's non-life insurance market through a joint venture and will consider sharing the sales network with the life insurance operations.

SOURCE - economictimes.com

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[MTG]

Chances are that the "Max New York Life Insurance Company" will be renamed after this buyout to "Max Life Insurance Company".

Source - Link