Indiabulls Financial Services has entered into a memorandum of understanding with Societe Generale Insurance for its upcoming life insurance joint venture. Societe General, through its French life insurance company, Sogecap, will own 26% of the future joint venture.
Indiabulls has already received the Reserve Bank of India’s approval to invest in the joint venture, and has also approached IRDA, the Insurance Regulatory and Development Authority, for the necessary regulatory approvals.