Prudential, Vama Sundari Investments to establish health insurance firm in India

Prudential Group Holdings will hold a 70% stake in the joint venture.

Prudential plc announced plans to establish a joint venture with Vama Sundari Investments (Delhi) Private Limited, an HCL Group promoter company, to launch a standalone health insurance business in India.

Prudential Group Holdings Limited, a UK subsidiary of Prudential plc, will hold a 70% stake in the joint venture, whilst Vama will own the remaining 30%.

Anil Wadhwani, CEO of Prudential plc, said India is a strategic market with significant growth potential in health, savings, protection, and retirement insurance.

Amar Joshi has been named the CEO designate of the new health insurance company, subject to regulatory clearance.

HCL Group, established in 1976, has grown into a multinational conglomerate with annual revenues of over $13.8b and a presence in 60 countries.

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