review loc Religare and Swiss Re not to renew their non-binding Term Sheet

New Delhi, September 4, 2009: Religare Enterprises Limited (“Religare”), a diversified financial services group and Swiss Reinsurance Company (“Swiss Re”), one of the world’s leading reinsurers, which had signed a non-binding term sheet to develop a joint venture health insurance company in India on June 1, 2009, have mutually decided not to renew their agreement.

The deadline for the term sheet had lapsed on August 20, 2009.


A Swiss Re spokesman said, "Swiss Re remains committed to offering its actuarial and underwriting expertise in the important Indian market, and continues to be open to exploring a health insurance joint venture."


A Religare spokesperson said that “Religare on its part, wishes to go ahead aggressively in the health insurance sector, keeping its broader goals in mind. Committed to offer its services in the health insurance sector, the company is open to considering new potential partners.”


Both companies will now charter their growth plans in their respective areas, in alignment with their independent strategies and goals.

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