In a regulatory filing to the stock exchanges, Mahindra & Mahindra Ltd has announced that it will form a 50:50 joint venture to establish a life insurance company in India.

According to the stock exchange filing, the total capital commitment for the venture will be Rs 7,200 crore, with each company investing Rs 3,600 crore. The joint venture is expected to begin with an initial investment of Rs 1,250 crore over the first five years, after which the investment will be stepped up.

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The announcement builds on the success of Mahindra Manulife Investment Management, their mutual fund joint venture launched in 2020. Mahindra and Manulife will jointly apply for an insurance licence and initiate operational planning, according to the announcement.

The announcement noted that the j

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