Belgian-Dutch financial services group Fortis said on Thursday it had signed an agreement to set up a life insurance joint venture in India. Fortis will own a 26 percent stake in the venture, while India's Federal Bank and the Industrial Development Bank of India will own 26 percent and 48 percent respectively.
Fortis has pledged to expand internationally so that at least 30 percent of net operating profit comes from outside the Benelux countries by 2009.
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