News reports have suggested that IndiaBulls Financial Services has received RBI approval to hold up to 74% in the proposed Life Insurance venture of the company. IndiaBulls has entered into a joint venture with French company Sogecap. Sogecap is the life insurance arm of French company Societe Generale.
When the company takes off its full fledged operations, it would become the 22nd player to enter the life insurance business in India.
Although the JV was proposed way back in April 2008, there has been a lot of debate and restructuring going on in the shareholding pattern of the company to comply with the laws put down by RBI and IRDA. The RBI rules state that insurance subsidiaries should have a maximum of 50% stake in the company.
IndiaBulls group is a $2 Billion company with interests ranging from Financial Services, Retail and the new Power business.