Piramal Healthcare is all set to enter the Indian insurance sector as it negotiates to buy Enam Financial's share in ING Life Insurance. ING Life Insurance is a joint venture between Exide Industries holding 50% stake, ING Insurance International B.V. holding 26% shares and others 24%.
Piramal aims to start a financial services company and has applied for permission from Reserve Bank of India. Previous year, it sold off its domestic formulations business to US Abbott Laboratories and its diagnostics business to Super Religare Laboratories for Rs. 600 crore.
ING Life was set up in 2001 and despite being one of the earliest entrants; it still has to make a mark in the industry.
In the fourth quarter of 2010-11, the company posted a net profit of Rs. 7 crore and is aiming to break even by financial year 2013. ING Life has offices in 229 cities and about 35000 agents.
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