More than a year after the ING Group exited the life insurance business in India by selling its 26% stake to Exide Industries, the name of ING Vysya Life Insurance Company has been changed to Exide Life Insurance Company with immediate effect. The company received approvals from Insurance Regulatory and Development Authority and the ministry of corporate affairs. There will be no change in the composition of the board of directors, said Kshsitij Jain, MD and CEO of the company, adding that Exide Industries has been the company’s major shareholder for 8 years and acquired 100% ownership of the company over a year back. He said the company would undertake a massive mass media campaign and a public contact program starting from June to inform the customers and public at large about the change in the name of the company.
