MUMBAI: ING Vysya insurance, all in hand by the Raheja cluster through battery maker Exide IndustriesBSE -2.59 %, can expand within the japanese a part of the country when obtaining rebranded as Exide insurance. The south-based company is trying to expand within the japanese belt with 9 new offices. it'll look to reinforce reach in tier-II cities.
The company was longing for a possible partner when ING sold-out its twenty sixth stake to the promoters last year, or to revamp the business when troubled for nearly a decade with scanty market share. the corporate was same to be in talks with Korea-based Samsung Life and Canada's Manulife.
The company, however, denied any such stake sale arrange. "We don't seem to be in talks with any domestic or foreign capitalist for divesting stake within the company," same Kshitij religion, MD and CEO, ExideBSE -2.59 way of life Insurance.
"The rebranding of the corporate as Exide is inform within the right direction that Exide is committed to the business and is here for a protracted amount." several world insurers area unit watching for a rise within the foreign direct investment limit to forty ninth.
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