India’s largest mobile network operator, Google India, is planning to buy insurer from farmers insurance group, the country’s largest.
The group, which owns the reinsurance company, was acquired by the telecom firm last year for $1.25 billion, and the deal will see Google acquire a controlling stake of 75 per cent of the group, as well as its stake in Farmers Insurance.
The company has also formed a joint venture with Farmers, the insurance arm of the countrys largest cooperative, which will be responsible for its operations and activities.
Google India has announced plans to sell a 75 per to 100 per cent stake in the joint venture.
In addition, the company will invest Rs 1.200 crore and retain the rest, the Times of India reported.
Farmers said it is looking forward to working with Google to further expand its services and products in the field of agricultural insurance.
“We are happy to see Google investing in Farmers’ products and are looking forward for continued growth and development of the brand in the coming years,” said Sanjay Singh, the group’s chairman.
Farms has been a pioneer in providing farm-specific products in rural India, with its products offering insurance, crop insurance and agricultural consulting.
A statement from the group said it expects to spend at least $400 million in India over the next three years, adding that it is committed to grow its business by adding to its existing customer base and expanding its network.