UK-based Prudential Plc has announced a joint venture (JV) with HCL Group to enter India’s health insurance sector. The partnership will be formed with Vama Sundari Investments, HCL Group’s promoter company, which will act as the Indian partner in the venture.
Prudential Plc CEO Anil Wadhwani stated that the collaboration aligns with Prime Minister Narendra Modi’s Amrit Kaal vision for an inclusive and sustainable financial services sector. He emphasized that the joint venture will support India’s healthcare ecosystem and drive financial inclusion.
Shikhar Malhotra, Executive Director at Vama Sundari Investments, welcomed the partnership, saying that it will increase access to quality health insurance in India. He noted that the JV will leverage both companies’ capabilities to increase insurance penetration in India.
Prudential Group Holdings Limited (a subsidiary of Prudential Plc) will have a 70 percent stake in the JV while HCL Group’s Vama Sundari Investments will have 30 percent. The company will require regulatory approvals to begin operations.
The JV will be led by Amar Joshi, who is an industry veteran with significant insurance industry experience.
Prudential Plc is included in the UK FTSE 100 Index. It already holds a 21.97% stake in ICICI Prudential Life Insurance and a 49% stake in ICICI Prudential Asset Management Company through its business Eastspring Investments.
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Source: Moneycontrol.
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