Mitsui Sumitomo (MSI) will buy 14 percent stake from ’s Tube Investment of India (TTI) in Cholamandalam MS General Insurance– the insurance joint venture (JV) of the two investment companies.
The Rs 882.7 crore deal pegs the value of the JV company at Rs 6304.78 crore. After the transaction, the Japanese partner MSI will own 40 percent stake and TII will own the rest.
TII in a board meeting on December 25 had approved the sale, which is subject to government approval, to increase its Japanese JV partner Mitsui’s stake from 26 percent to 40 percent in Cholamandalam MS General Insurance Company Ltd.
