Mumbai: Indiabulls Financial Services on Monday said it has decided to end its partnership with an arm of Frances Societe Generale for life insurance business in the country, but did not say if it was looking for a new partner.
Sogecap, the subsidiary of Societe Generale (SG) of France, and the company have mutually agreed not to pursue the life insurance joint venture in India, Indiabulls Financial Services said in a regulatory filing.
The company did not disclose any reason for discontinuing the joint venture agreement with Sogecap.
The company, last year in April, had entered into the joint venture agreement with Sogecap. It had received approval from the Reserve Bank to hold 74 percent stake in the venture, the filing added.
The life insurance company had also received approval from Insurance Regulatory and Development Authority (IRDA) to pursue the life insurance venture, it said.
Shares of Indiabulls Financial Services were trading at Rs 127.25 on BSE, down 1.17 percent from previous close.