AMSTERDAM (AFX) - Belgo-Dutch bancassurance group Fortis NV said it signed a Memorandum of Understanding with the Industrial Development Bank of India Ltd (IDBI) and India's Federal Bank to form a life insurance joint venture in India.

IDBI will initially own 48 pct of the joint venture, with Federal Bank and Fortis each holding 26 pct.

No financial details were disclosed.

In March, Fortis confirmed it was in talks to create a joint venture with IDBI, and that they were jointly seeking a third partner to pursue life insurance activities in India.

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