Religare seeks new partner, abandons Swiss Re venture

Less than three months after announcing plans to set up a joint venture company in the health insurance sector, Religare Enterprises Ltd (REL) and Swiss Re, the second largest international re-insurer, have parted company. REL is understood to be aggressively pursuing efforts to rope in other partners in the joint venture. The companies had signed a non-binding term sheet to develop the joint venture on June 1, 2009. But according to a communication sent to the stock exchanges, they decided not to renew their agreement. The deadline for the term-sheet lapsed on August 20, 2009. According to industry sources, REL, ...

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