Financial services company ING Groep NV (ING: Quote), Wednesday confirmed its exit from the Indian life insurance joint venture by agreeing to sell its 26 percent stake in ING Vysya Life Insurance Company Ltd. to its joint venture partner Exide Industries Ltd. The divestment is expected to close in the first half of 2013.
The decision to withdraw is in accordance with the previously announced intended divestment of ING’s Asian Insurance and Investment Management businesses.
The company further said the decision to sell its stake will not have any material impact on ING Group results. Neither does it impact ING Vysya Bank, a publicly listed Indian bank in which ING has a 44 percent stake, nor ING’s fund management business in the country, added the company.
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by RTT Staff Writer
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