Prudential, HCL's health insurance JV gets green light
Business
After a yearlong wait, Prudential plc and HCL Group's health insurance joint venture is finally moving forward.
The delay was thanks to India's tough PN3 rules on foreign investment, but recent changes have cleared the way.
The venture is structured as a 70:30 partnership.
What's the significance of PN3 rules?
PN3 rules, introduced in 2020, made it harder for companies from neighboring countries to invest in India by requiring government approval.
Now, with the new relaxations, some investments can go ahead automatically: no extra paperwork needed.