Mahindra & Mahindra (NSE:M&M, BOM:500520) has teamed up with Manulife Holdings (Bermuda) to set up Mahindra Manulife Insurance, a 50:50 joint venture, to undertake life insurance business, according to an Indian bourse filing on Sunday.
Shares of Mahindra & Mahindra fell nearly 1% in Monday's trade.
The JV has an authorized and paid-up capital of 10 million Indian rupees, divided into 1 million equity shares, the filing said.
Mahindra & Mahindra and Manulife Holdings (Bermuda) have each subscribed to 50,000 equity shares for an investment of 5 million rupees each, it added.
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