Piramal Healthcare May Buy Enam's 12.5% Stake In ING Life Insurance
Piramal Healthcare Limited may buy Enam Financials's 12.5% stake in ING Vysya Life Insurance Company Limited.
Currently, battery maker Exide Industries owns 50% in ING Life, retired I-Banker Hemendra Kothari holds 11.5% and the remaining 26% stake is owned by Dutch financial major ING.
Transaction Reference: Economic Times
ING Life was established in 2001 as a JV between ING International, ING Vysya Bank and GMR Industries.
In 2005, GMR industries sold its entire stake to Exide.
In 2010, Ambuja Cements sold its 11.5% stake in ING Life Insurance for Rs.190 cr to Hemendra Kothari.
ING Life has issued 1.2 Mn policies, with over 6000 employees and presence in 200 cities.
Last year, Piramal Healthcare sold its generics unit to Abbott Laboratories for $3.72 Bn. In May this year, Piramal agreed to acquire Indiareit Fund Advisors, which manages 3,800 crore worth of real estate assets, for Rs.225 Cr.
Last month, Reliance Industries Limited acquired Bharti Enterprises Limited's 74% stake in its general insurance and life insurance ventures with France-based AXA.
In March, Japan-based Nippon Life Insurance Company acquired 26% in Reliance Life Insurance for $680 Mn (Rs.3,062 Cr).
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 20/07/11 | Enam Financial - ING Vysya Life - Piramal Healthcare | M&A | Piramal Healthcare Limited | - |
| 04/02/10 | ING Vysya Life- Hemendra Kothari | M&A | Hemendra Kothari | 41.15 |
| 28/05/05 | ING Vysya Life - Exide industries | M&A | Exide Industries Limited | 50.30 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 11/05/12 | M&A | Warburg Pincus International | Future Capital Holdings Limited (Co.) | - | Planned |
| 08/05/12 | M&A | HCL Group | DLF Pramerica Life Insurance Company Limited | - | Planned |
| 08/05/12 | M&A | AEGON | Aegon Religare Life Insurance Company Limited | - | Rumor |
| 02/05/12 | Private Equity | International Finance Corporation | MAS Financial Services Limited | 12.00 | Planned |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Piramal Healthcare Limited | Piramal Group | Piramal Tower, Ganpatrao Kadam Marg Lower Parel |
Novartis India Limited Thyrocare Technologies Limited Ankur Drugs & Pharma Limited |
piramalhealthcare.com |
| ING Vysya Life Insurance Company Limited | ING Insurance International B.V. | ING Vysya House, 5th floor, # 22 Mahatma Gandhi Road |
Life Insurance Corporation of India ICICI Prudential Life Insurance Company Limited Kotak Mahindra Old Mutual Life Insurance Company Limited Star Health and Allied Insurance Company Limited |
www.inglife.co.in |
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