Mahindra & Mahindra Limited and Manulife have agreed to each acquiring 50% stake in an Indian Insurance Company to carry out life insurance business in India.
AZB & Partners is advising Mahindra on this joint venture.
The transaction team consisted of Darshika Kothari (Partner), Kritika Agarwal (Partner), Rajendra Barot (Partner), Devika Nayak (Partner) and Arun Babu (Counsel).
Khaitan & Co is advising Manulife on this joint venture.
The transaction team was led by Nikhil Narayanan (Partner) with assistance from Akhil Sharma (Partner), Shivam Tandon (Counsel), Shubham Chauhan (Senior Associate) and Ayush Gattani (Associate).
Debevoise & Plimpton is also advising Manulife on this JV.
Both Mahindra and Manulife have made a capital commitment to infuse a total of ₹7,200 crore (~$800 million) in the insurance JV within first 10 years of its incorporation. Both are also contributing operational assets such as Intellectual Property, Software, and proprietary know-how as well as Infrastructure and Human Resources to this JV.
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