SUN LIFE TO INVEST $60 M IN 4 JVs WITH AV BIRLA
Article Abstract:
The AV Birla group and Sun Life Assurance Company of Canada have entered into 4 tie-ups. Sun Life Assurance Company is to invest $60 million in the 4 tie-ups in one year. The joint ventures (JVs) are for doing business in insurance, asset management, retail finance and broking sectors. Sun Life Assurance Company will be using the funds for acquiring a 50 percent stake in the asset management firm of the AV Birla group after Capital International sells its 40 percent stake in the firm. It will buy 50 percent stake in Birla Marlin, a broking company. This will be done after the AV Birla group buys the 33 percent stake held by Seamico Securities. The AV Birla group will be holding the stake in the tie-ups through Birla Global Finance. The joint ventures will be managed by an apex team. (ag/kvr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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SBI TO CHARGE PREMIUM FOR INSURANCE JV STAKE
Article Abstract:
The State Bank of India (SBI) plans to charge a huge premium on the 26 percent stake that is to be offered to a foreign partner in its proposed joint venture for life insurance. The bank will take the premium as a one-time fee, which will be utilised in covering start-up costs and equity that SBI will be bringing into the venture. SBI plans to generate revenues from the venture from the first year itself by distributing products on a commission basis. The foreign partner will have to pay a premium for the stake to enjoy the brand equity and customer reach that SBI has in India. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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