India, April 24 -- Mahindra & Mahindra Ltd has announced an update to its joint venture arrangement with The Manufacturers Life Insurance Company for its proposed life insurance business.
The company has executed a Novation and Amendment Agreement with Manulife and Manulife Holdings Bermuda Limited. Under this agreement, Manulife has transferred and assigned all its rights, interests, and obligations under the joint venture agreement (JVA) to Manulife Bermuda.
Following this, Manulife Bermuda will assume all rights and responsibilities under the JVA, while the overall terms and conditions of the agreement remain unchanged.
The joint venture continues to be aimed at establishing a life insurance business and related activities.
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