Exide Industries (EIL), which currently owns 50% of the equity capital of ING Vysya Life Insurance Company (IVL), has in-principle decided to acquire the remaining 50% of the equity capital of IVL (26% from ING Group, 16.32% from the Hemendra Kothari Group and 7.68% from the Enam Group) for an aggregate consideration of Rs 550 crore approximately, subject to regulatory approvals.
Further, post such acquisition, the company has in-principle decided to identify and induct a new international player in the life insurance genre to infuse fresh equity into IVL (subject to regulatory approvals) for IVL's expansion plans.
Exide Industries manufactures the widest range of storage batteries in the world from 2.5 Ah to 20,400 Ah capacities, covering the broadest spectrum of applications. EIL is India's largest producer of automotive and industrial batteries, with seven manufacturing plants strategically located across the country. Exide Industries has been a shareholder of ING Vysya Life Insurance since 2005.