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OVERSEAS EQUITY IN INDIA'S ING VYSYA LIFE BREACHES 26% LIMIT.
CHENNAI, July 1 Asia Pulse - Though foreign equity in private insurance company ING Vysya Life had breached the permitted 26 per cent limit, its CEO and managing director Frank Koster Wednesday maintained that the company was strictly adhering to the insurance laws.
Netherlands-based ING Group holds 26 per cent equity in the Indian arm, ING Vysya Bank 20 per cent GMR Technologies 48 per cent, and Enam Financial Services 6 per cent.
However, calculating the 44 per cent equity stake of ING in ING Vysya Bank, the total equity holding of ING Group in ING Vysya Life would be over the 26 per cent foreign equity limit set by Insurance Regulatory and Development Authority.
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