MODI STORY: Temasek Looks to Invest in ICICI Prudential Life Insurance
Singapore’s Temasek Holdings, an Asian sovereign wealth fund, and Paris-based investment manager Carmignac Gestion are in key discussions of possibly acquiring a stake in an insurance joint venture partly owned by Mumbai-based ICICI Bank Ltd. The other owner of the joint venture is U.K.-based Prudential Plc. The joint venture was formed in December 2000. The deal to sell a 5% stake of private insurer ICICI Prudential Life Insurance Co. to Temasek and Carmignac Gestion could materialize by the end of March. ICICI Prudential Life Insurance in late February passed the Rs 1 trillion mark in assets under management.
Increasingly, sovereign wealth funds and large Canadian pensions are allocating capital to India, betting on the investment reforms initiated by Indian Prime Minister Narendra Modi such as opening the country’s insurance industry to foreign investors.
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