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State Bank of India has signed a joint venture agreement with Insurance Australia Group to form a joint venture company which will be engaged in general insurance business in India. The formation of the company will be subject to receipt of necessary regulatory clearances / approvals, SBI and IAG, subject to regulatory approval, will hold 74% and 26% respectively of the equity in the new company.
The company made this announcement during the trading hours today, 24 November 2008.
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