M&M, Manulife to form life insurance JV with ₹7,200 crore investment

Canadian firm Manulife and Mahindra & Mahindra (M&M), an Indian automaker with interests in financial services, have signed an agreement to form a 50:50 life insurance joint venture (JV) with a total capital commitment of up to Rs 3,600 crore each totalling Rs 7,200 crore.Photograph: Fred Thornhill/ReutersEach partner will invest Rs 1,250 crore ($140 million) in the first five years.The new business is expected to apply for a licence with the Insurance Regulatory and Development Authority of India in two to ...