SOCGEN AND INDIABULLS’ JV A STEP CLOSER

An Indian life insurance joint venture between France’s Société Generale and Indiabulls Financial Services is expected to be up and running by the end of this year. The two firms have now signed a deal formalising a plan which was first unveiled at the end of last year (IDnewscentre, Jan 8). As part of the plan, Indiabulls Financial Services Ltd will control a 74% stake in the new Indiabulls Société Generale Life Insurance Company. Sogecap, Société Generale’s insurance subsidiary, will own the balance. Indiabulls Société Generale Life Insurance Company is expected to be capitalised at Rs3bn.