Mahindra & Mahindra and Canada-based Manulife have agreed to form a 50:50 joint venture to set up a life insurance company in India, subject to regulatory approval. The move expands their existing partnership in financial services, marking another major bet on India’s under-penetrated insurance market.

Both companies plan to commit up to Rs 3,600 crore each, with an initial investment of Rs 1,250 crore over the first five years. Once regulatory clearance is received, the new entity will apply for an insurance license and begin building operations.

Kotak Investment Banking served as the Mahindra Group’s financial advisor, with AZB & Partners providing legal counsel. Debevoise & Plimpton LLP advised Manulife on the deal.

The partnership builds on the earlier success of Mahindra Manulife

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