Battery manufacturer Exide Industries has announced its decision to take full control of ING Vysya Life Insurance Company (IVL).

Rajan Raheja-led Exide Industries, which already the biggest stakeholder in IVL with a 50 per cent stake, said it acquire the remaining 50 per cent stake in the insurance company for around Rs 5.50 billion, subject to regulatory approvals.

To take full control of IVL, Exide Industries will acquire 26 per cent stake from ING Group, 16.32 per cent from the Hemendra Kothari Group and 7.68 per cent from the Enam Group.

Exide Industries' current 50 per cent equity stake in IVL is valued at around Rs 744.43 crore. The potential deal will value the insurance arm at an estimated of Rs 1,100 crore.

Post the potential deal, Exide Industries will try to induct a new international partner and dilute a stake of up to 26 per cent, if required.

A statement issued by the Bombay Stock Exchange (BSE) stated, "Post such acquisition, Exide has in principle decided to identify and induct a new international player in the life insurance genre to infuse fresh equity into ING Vysya Life for company's expansion plans."

Meanwhile, Japanese and Korean insurance companies like Samsung Life and Hitatchi are showing interest in Indian companies. Samsung Life was recently pursuing talks with DHFL for creating a joint venture (JV) partnership.

To begin with, the IVL joint venture partnership was between ING Vysya Bank and GMR Industries. But in 2005, GMR sold its stake to Exide Industries.