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Oct 2014 MMI Holdings (South Africa) signed a Memorandum of Understanding (MoU) with the conglomerate Aditya Birla Group (ABG) to create a joint venture and thus penetrate the Indian health insurance market.
The South African insurer will own 26% (legal maximum authorized) of this joint venture shares, but has negociated the opportunity of a participation upgrade to 49% if the current legislation is amended.
According to Nicolaas Kruger, CEO of MMI Holdings, the joint venture should be operational by 9 to 12 months. The initial target will be the big Indian cities, in which the "customer base" is estimated at 20 million inhabitants.