ICICI Lombard is a joint venture between ICICI Bank Ltd and Fairfax Financial Holdings Ltd. Upon completion of the transaction, ICICI Bank Limited and Fairfax will have approximately 63% and 22% share ownership in ICICI Lombard, respectively. ICICI Lombard will be the second insurance venture of ICICI Bank to go public. Last year, its life insurance joint venture ICICI Prudential Life Insurance Co. Ltd went public in an IPO worth Rs6,000 crore. India’s largest bank, the State Bank of India (SBI) too is preparing its life insurance venture SBI Life Insurance Co. Ltd for a public listing.

Source: Mint May 27, 2017 16:52 UTC