Exide not looking to dilute stake in insurance business

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Kolkata | Published: August 1, 2015 12:14:31 AM

Battery major Exide Industries on Friday said it is not planning to dilute its stake in Exide Life Insurance and that the company is a “long-term player” in insurance business.

Battery major Exide Industries on Friday said it is not planning to dilute its stake in Exide Life Insurance and that the company is a “long-term player” in insurance business. The Bangalore-based private life insurance company is now 100% owned by the battery maker.

“We are not discussing with anybody. We have not started that discussion,” Exide Industries MD and CEO PK Kataky said when asked whether his company was in any discussion for diluting the stake in the insurance business.

On whether the battery major is ready to dilute stake in Exide Life, Kataky said, “No, we want to be a long-term player.”

He was talking to the media after conclusion of the company’s AGM.

ING Vysya Life Insurance in May 2014 renamed itself as Exide Life Insurance Company following regulatory approval with the formal exit of the Netherlands-based ING Group from the insurance venture.

The Kolkata-based battery major had acquired 100% of the equity in this life insurance company in March, 2013.

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