"Max New York is the best possible life insurance company that we could have partnered with," said Yasuyoshi Karasawa, president & chief executive officer at Mitsui Sumitomo Insurance Company.
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Mitsui Sumitomo Gets Hold Of 26% Equity Stake In Max New York Life
Mitsui Shumitomo has bought 26% equity stake in Max New York Life Insurance Company for an unrevealed sum.
New York Life the current foreign stockholder has exited from the joint venture.
Max India will continue to possess 74% equity stake in the joint venture.
In a multifaceted deal, New York Life sold part of its 26% equity stake straightly to Mitusi Sumitomo and partially to Max India that in turn sold a part to the Japanese associate.
The directors of Max India gather on Thursday morning and sanctioned the transaction.
The financial details of the deal will be declared soon.
Mitsui Sumitomo Insurance Co will gain representation on the board of Max New York Life Insurance Co and run the unit with Max India Ltd group.
The deal is likely to shut during the first half of 2012, pending sanction from Indian government.
Mitsui Sumitomo Insurance has already made entry in the nation's non-life insurance market via a joint venture and will mull over sharing the sales network with the life insurance functioning.
Indian law restricts foreign investment in insurance companies to 26 percent.
"Max New York is the best possible life insurance company that we could have partnered with," said Yasuyoshi Karasawa, president & chief executive officer at Mitsui Sumitomo Insurance Company.
ING Said to Approach Sumitomo Mitsui on Asset Management Sale
