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JANUARY 2013
MItSUI SUMItoMo InSURancE
acQUIRES StaKE In MaX nEW YoRK LIFE InSURancE coMPanY Ltd
Japanese insurance company, Mitsui Sumitomo Insurance Company Ltd, has replaced New York Life International Holdings Ltd as the overseas partner of Max India Group in its insurance joint venture in the country — Max New York Life Insurance Company Ltd.
Mitsui Sumitomo Insurance has acquired 26 per cent stake in the Indian insurance outfit — 16.63 per cent stake from the US company and 9.37 per cent from Max India Ltd.
Max India Group had itself acquired 9.37 per cent stake in the insurance joint venture from its former partner Max New York Life Insurance Company, which had a 26 per cent stake, by paying an aggregate consideration of Rs 180.84 crore.
The amount was close to par value of the shares to ensure that the non-resident holding in MNYL was within the sectoral cap of 26 per cent.
But Max India Group received an aggregate consideration of Rs 984.44 crore from Mitsui Sumitomo Insurance for the sale of 9.37 per cent in MNYL, which was being renamed as Max Life Insurance Company Ltd, subject to regulatory approvals.
Max India said that its board of directors approved the purchase of 4 per cent equity stake held by Axis Bank in MNYL, in tranches not exceeding one per cent of equity stake every year before October 2020 for an estimated Rs 414 crore.
Of this purchase, maximum of one per cent stake was due to be bought in the near future, Max India Group said in a statement to the stock exchanges. LM
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Mediterra capital Partners has made its second investment in turkey by investing in a leading fleet telematics company, Mobiliz and its 100% subsidiary Filoturk. With this investment the company will be better positioned to capture the high growth potential in the turkish market.
The Company was established in 2004 by Levent Aydogan and Adil Masaraciolgu, who have over 20 years of experience in fleet telematics services. Fleet telematics services allow companies to better manage their fleet in terms of driver, vehicle and operational management. The Company has around 110 thousand installed units and serves more than 8,000 different customers. Fleet sizes of the customers’ in the Company’s portfolio range from a single vehicle to over 1,000 vehicles. The founding shareholders Levent Ay- dogan and Adil Masaracioglu will continue to run the business with the existing management with additional senior recruitments to be done.
Levent Aydogan, the founding shareholder of the Company, has stated the following regarding the partnership:
“Our partnership with Mediterra Capital Partners will assist Mobiliz to take advantage of the vast opportunities in the Turkish market. We will be able to grow the market and position Mobiliz as the clear market leader in Turkey. Turkey has one of the largest vehicle parks in Europe and we set our goal to become one of the largest telematics service providers in the region.” LM
MEdItERRa caPItaL PaRtnERS InVEStS In a LEadInG tURKISH FLEEt tELEMatIcS SERVIcE PRoVIdER
Mobiliz
Max New York Life Insurance Copmany Ltd