Burman Group, through its Dabur Invest Corporation, has already stakes in Aviva Life Insurance Company India Limited and Universal Sampo General Insurance
New Delhi: After the Burman Group has taken control of Religare Enterprises Limited (REL), the holding company of Care Health Insurance, it will be the only domestic group, which will have stakes in all three segments of the Indian insurance sector- life insurance, general insurance and health insurance.
The Burmans, through their Dabur Invest Corporation, have already 26 per cent stake in a life insurance venture- Aviva Life Insurance Company India Limited. UK based Aviva holds 74 per cent in the JV.
Dabur Investment Corporation also has also 12.81 per cent stake in Universal Sompo General insurance, a joint venture among Japanese Sompo holding, with a 34.61 per cent stake, followed by Indian Bank (28.52 per cent), Indian Overseas Bank (18.06 per cent), and Karnataka Bank Limited (6.00 per cent ), as on December 31, 2023.
The Burman Group, after taking over REL, has emphasised that its immediate priority is to ensure stability, enhance governance, and drive sustainable growth within the company.
The group stated that it will collaborate with REL’s leadership and board to strengthen the company’s strategic direction and enhance long-term value creation.
“Governance, trust, and integrity will remain at the core of our vision as we guide REL toward a future marked by resilience and maximized stakeholder value,” according to a company media release.
The group’s open offer of Rs 2,116 crore to acquire an additional 26 per cent stake in REL had seen a lukewarm response.