IDBI, Fortis plan insurance JV

Industrial Development Bank of India Ltd on Monday said it will enter into a memorandum of understanding with Netherlands-based Fortis Insurance International NV for setting up a joint venture company.

The board of directors have given their 'in principal' approval for signing the MoU and incorporation of a JV company with Fortis for conducting life insurance business in India, subject to the regulatory, statutory approvals and corporate approvals of Fortis, the company informed Bombay Stock Exchange.

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