Global asset manager Blackstone is set to enter India's general insurance market through a proposed new venture with former HDFC ERGO Managing Director and Chief Executive Anuj Tyagi.
According to a report by The Economic Times, the partnership would create one of the first new insurance ventures backed by majority foreign ownership after India increased the foreign direct investment (FDI) limit in the insurance sector to 100%.
Under the proposed structure, Blackstone is expected to hold a 90% stake in the new insurer, while Mr Tyagi would retain the remaining interest, people familiar with the development told The Economic Times. The venture has reportedly applied to India’s insurance regulator for approval, with plans to build a technology-driven general insurance business.