IDBI signs MoU with Fortis

IDBI has signed a MoU with the Netherland-based financial services provider, Fortis for setting up a Joint Venture company.

Industrial Development Bank of India Ltd (IDBI) said on Wednesday that it has signed a memorandum of Understanding with the Netherland-based financial services provider, Fortis Insurance International NV (Fortis) for setting up a Joint Venture company.

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The Bank informed the Bombay Stock Exchange that it had signed the MoU yesterday with Fortis Insurance.

The JV company would be engaged in life insurance business in India, it added.