The Netherlands-based ING said it will exit ING Vysya Life - TopicsExpress

The Netherlands-based ING said it will exit ING Vysya Life Insurance Company by selling its 26 per cent stake to domestic partner Exide Industries which will also buy another 24 per cent from two other promoters. Exide Industries at present holds 50 per cent stake in ING Vysya Life Insurance Company Life Insurance Company. Remaining 24 per cent stake is held by other two promoters Hemendra Kothari Group and Enam Group. Exide proposes to pay about Rs 550 crore for 50 per cent stake, thereby valuing the ING Vysya Life at about Rs 1,100 crore.

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