Gujarat Ambuja to buy stake in ING Vysya

Gujarat Ambuja to buy stake in ING Vysya
Published: 01 June 2005

Gujarat Ambuja Cements will execute the first buy-out in the private insurance industry by acquiring 14.87 per cent stake in ING Vysya Life Insurance Company. The cement major will buy out ING Vysya Bank’s entire holding in the insurance entity. The foreign parent ING will continue to hold 26 per cent stake in the insurance outfit, South-based GMR Group holding 49.13 per cent and Enam holding 10 per cent.   "Our decision to invest in ING Vysya Life was based on its rapid expansion and our belief that the company will continue to build on this growth, tapping the global expertise of ING Group’s sizeable insurance operations, " said Anil Singhvi, director of Gujarat Ambuja Cements.