UK’s Prudential Plc announced a health insurance joint venture with India-based HCL Group on Thursday. Vama Sundari Investments, HCL Group’s promoter company, will be the Indian partner for the health insurance business, Prudential Plc said in an official statement on Thursday.
Hailing the new JV and its role in PM Modi’s Amrit Kaal strategy, Prudential plc Chief Executive Officer Anil Wadhwani said, “We are excited to partner with the HCL Group. Together we look forward to supporting the Indian government’s vision to create an inclusive, sustainable and equitable financial service sector for all Indians by 2047, celebrating 100 years of India’s independence.”
Vama Sundari Investments’ Executive Director Shikhar Malhotra said, “We are pleased to partner with Prudential plc, a globally renowned insurer, to address the growing healthcare needs of India by leveraging our mutual synergies. Through this collaboration, we aim to advance our common mission to enhance access to quality health insurance and drive greater penetration across the country.”
As per the agreement, Prudential plc’s UK subsidiary Prudential Group Holdings Limited will have a 70% stake in the JV. On the other hand, HCL Group’s Vama Sundari will hold the rest of 30% stake. The health insurance will need to obtain regulatory approvals subsequently.
Prudential Plc is a member of the UK FTSE100 Index.
Amar Joshi, an industry veteran, will be leading the JV entity, the statement added.
In India, Prudential’s business primarily consists of a 21.97 per cent holding in the Indian Stock Exchange listed life insurance business, ICICI Prudential Life, and 49 per cent of the asset manager, ICICI Prudential Asset Management Company Limited, through its asset management business Eastspring Investments
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