Hemendra Kothari, the former chairman of DSP Merrill Lynch, is set to acquire Ambuja Cements' stake in ING Vysya Life Insurance for around Rs 190 crore.
Exide Industries Ltd, foraying into the life insurance sector by picking up stake in ING Vysya Life Insurance Company Pvt Ltd, has earmarked a total investment of Rs 400 crore (Rs 4 billion) for the life insurance venture in the next four years.
The board of directors of ING Vysya Bank, at its meeting held on May 28 have approved the bank's sale of 14.87 per cent stake in ING Vysya Life Insurance Company to Gujarat Ambuja Cements for Rs 60.9 crore (Rs 609 million).
Higher disposable incomes, rural push and infra push to boost auto sector
Deal with current owner Exide may be signed next week