Financial Services Industry
Industry: Email Alert RSS FeedInsurance Australia Group Ltd has formed a joint venture with State Bank of India.(Asia/Pacific)
Best's Review, January, 2009
INSURANCE AUSTRALIA GROUP LTD. has formed a joint venture with STATE BANK OF INDIA to set up a new nonlife insurance company in India in 2009.
IAG initially will hold 26% of the joint venture, the maximum investment level allowed for a foreign insurer in India. The Australian insurer said it has an option to increase its stake to 49% in the future.
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