#New Delhi

Mahindra & Mahindra on Thursday announced its foray into the insurance sector by signing an agreement with Toronto-headquartered Manulife for a 50:50 joint venture, entailing an investment of Rs 7,200 crore from both partners.

Mahindra Group CEO & MD Anish Shah stated that both the partners were looking to create a business which can accomplish a valuation ranging between Rs 18,000 crore to Rs 30,000 crore in ten years.

“Now, we do believe this is a conservative set of numbers, which we can achieve,” he said in a virtual press conference. Shah noted that the partners aspire to make the JV the number one life insurer in rural and semi-urban India.

“We will be a significant player in urban India as well, and there we would want to take a leadership position in protection solu

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