Financial services firm Religare Enterprises on Wednesday said it will acquire Indian Express Group's insurance web aggregator MyInsuranceClub in an all-cash deal.
The company said in a statement that it has signed a share purchase agreement for the proposed acquisition of MyInsuranceClub (MIC) from iGear Holdings Private Limited, part of The Indian Express Group.
Religare Group said that the proposed acquisition, which is subject to regulatory approvals, is in line with the group's strategy to further the growth of the insurance business and emerge as a stronger player.
MIC is the first Irdai-approved web insurance distribution and comparison platform. It helps customers by offering a comparison of the best insurance products available across India.
"We are delighted to onboard MIC as a key segment of our financial services business post all regulatory approvals.
"With this proposed acquisition, the Religare Group will strengthen its insurance offerings, making them available to the masses. The transition of MIC will not only propel the company into the next growth phase but will also prove to be a step towards digital evolution," Religare Enterprises Executive Chairperson Rashmi Saluja said.
The proposed acquisition will serve as a crucial step for Religare Group in its vision to become a 360-degree financial services conglomerate.
"The business of MIC is aligned with offerings of the Religare Group. Hence, it is our belief that Religare will be a perfect home for this business. The Group's management and its charismatic leadership, its experience in the financial services space, and the growth strategy make the proposed acquisition a perfect move towards a new beginning," The Indian Express Group, Executive Director, Anant Goenka said.
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