Aditya Birla Nuvo (ABNL), a diversified conglomerate operating in the services and manufacturing sectors, has entered into definitive joint venture (JV) agreements with MMI Holdings Ltd. of South Africa to enter the health insurance and wellness business in India.
Joint venture“As per the agreements, ABNL will hold 51 per cent stake in the joint venture — Aditya Birla Health Insurance Company Ltd. (ABHICL) — subject to regulatory approvals,” the company said in a statement.
ABHICL said it was in the process of making an application to the Insurance Regulatory and Development Authority of India (IRDA) for obtaining the licence to start health insurance and wellness business operations.
It expects to commence operations in the next 12-15 months.
Already ABNL is present in different segments of financial services through Birla Sun Life Insurance Company, Birla Sun Life Asset Management Company, Aditya Birla Finance, Aditya Birla Brokers, among others.
MMI is a leading insurance-based financial services company listed on the South African Stock Exchange. It has operations in a dozen African countries outside of South Africa and also in the U.K. Its core businesses are long- and short-term insurance, asset management, savings and healthcare administration.
