Aditya Birla Nuvo partners with MMI Holdings Ltd. for Health Insurance Venture
Mumbai, 4th June 2015: Aditya Birla Nuvo Limited (ABNL) has, on 3rd June 2015, entered into a definitive Joint Venture agreement with MMI Holdings Ltd., a leading South African Insurance based financial services group, to enter into the Health Insurance and Wellness business in India.
As per the agreement, ABNL will hold 51% share in the Joint Venture Company named Aditya Birla Health Insurance Co. Limited (ABHICL), subject to the regulatory approvals.
ABHICL is in the process of making an application to the Insurance Regulatory and Development Authority of India for obtaining license to start health insurance and wellness business operations. It expects to commence operations in next 12-15 months.