Jio Finance to invest an amount of Rs. 4.95 crores towards initial subscription of 49,50,000 equity shares of face value Rs. 10/-each for 50% stake
Mumbai:After finalising joint venture agreement with Allianz Europe B.V (Allianz) to form a domestic general insurance joint venture company, Jio Finance has incorporated a joint venture company -Jio Allianz General Insurance Limited” (JAGIL) on May 12, to carry on the business of general insurance,which includes health insurance in India, subject to regulatory approvals.
Jio Finance will invest an amount of Rs4.95 crores towards initial subscription of 49,50,000 equity shares of face value Rs. 10/-each for 50 per cent stake.
The IRDAI has already approved the incorporation of JAGIL on Tuesday.
The Ministry of Corporate Affairs also has given its nod for the company.
Jio Allianz General Insurance will now apply for a license to the IRDAI.
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