Piramal Healthcare in talks to buy stakes in ING Life

Piramal Healthcare is in talks with ING Life Insurance Company to buy stakes of Enam Financial, according to latest media reports.

ING Life Insurance ventured out in the insurance space in 2001 and was one of the earliest entrants after the sector was opened up for private players in India. 

ING Life has been undergoing many changes in shareholding and has been unable to make a mark in the industry despite being one of the earliest entrants. Since then the company has undergone many changes in its shareholding pattern. The initial venture was between ING Vysya Bank, ING International and GMR Industries. In the year 2005, GMR sold its stakes to Exide. Last year, one the partners, Ambuja Cements, sold 11.5% of its stakes to Hemendra Kothari for Rs 190 crores.

At present, Exide Industries Limited, India’s largest producer of automotive and industrial batteries, holds 50% stakes in ING Life Insurance Company; while 26% stakes is held by ING Insurance International B.V. The remaining 24% shares are held by Enam Financial (12.5%) and Hemendra Kothari (11.5%).

Piramal Healthcare is in negotiations to buy 12.5% stakes of Enam Financial in ING Life Insurance Company. Both these companies and ING Life have declined to comment on this.

Recently Mukesh Ambani also forayed into the insurance space by buying Bharti’s stakes in Bharti AXA General and Life Insurance Companies. There is also news that DLF Pramerica Life Insurance may sell stakes to HCL, a leading global Technology and IT Enterprise.

Also read DLF Pramerica Life Insurance may sell stakes to HCL