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August 3, 2001 		Feedback  
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ING gets final nod for India life insurance

Dutch financial services group ING has received final permission from the Insurance Regulatory Development Authority to start life insurance operations in India with its local joint venture partners.

An official at ING Vysya Life Insurance, the proposed joint venture, said the company was likely to be formally launched by the end of August.

The initial capital is Rs 1.1 billion with the private sector Vysya Bank holding a 49 per cent stake, a statement from the joint venture company said.

The ING group will hold 26 per cent and south-India based GMR Technologies and Industries Ltd will hold the rest.

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