NU Online News Service, Nov. 4, 3:28 p.m. EDT

Liberty Mutual Group said it will partner with Videocon Industries to establish a company to provide personal and commercial insurance products in India.

Under the proposed agreement, Liberty Mutual said it will, through a subsidiary, initially hold up to a 26 percent stake in the new company and Videocon Industries Ltd. will hold at least 74 percent. When allowed to do so under applicable Indian law, Liberty Mutual said it will have the option to raise its stake in the joint venture.

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