Prudential plc has announced a new joint venture with Vama Sundari Investments (Delhi) Private Limited, a company linked to the HCL Group, to establish a standalone health insurance business in India.
Under the terms of the partnership, Prudential Group Holdings Limited, a subsidiary of Prudential plc based in the UK, will hold a 70% stake, while Vama Sundari Investments will own the remaining 30%.
Anil Wadhwani, CEO of Prudential plc, emphasized the strategic importance of India, highlighting its vast growth opportunities in the health, savings, protection, and retirement insurance sectors.
Amar Joshi has been appointed the CEO designate of the new health insurance company, pending regulatory approval.
The HCL Group, founded in 1976, has grown into a multinational conglomerate, generating over $13.8 billion in annual revenue and operating in 60 countries globally.
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