U.K.-based insurer Prudential plc on Thursday announced its plan to establish a joint venture with HCL Group’s promoter company Vama Sundari Investments (Delhi) Pvt Ltd to operate a standalone Indian health insurance business.

Prudential Group Holdings Ltd, a UK subsidiary of Prudential plc, will hold a 70% stake in the joint venture, while Vama will hold the remaining 30% stake. The deal is subject to regulatory approvals.

This comes days after HCL founder Shiv Nadar executed a gift deed on March 6 in favour of his daughter Roshni Nadar Malhotra for transfer of his 47% shareholding in Vama Sundari Investments (Delhi) Pvt Ltd. Gift deeds are part of succession planning at HCL Group as the founder hands over majority control to her daughter.

The joint venture aims to address the growing healthcare needs of the Indian consumer and contribute to the Indian government’s vision – “Insurance for All by 2047”.

The joint venture health insurance company will be led by industry veteran Amar Joshi (CEO designate), subject to regulatory approval.

“India is a key strategic market for Prudential and we have a deep connection with the country having opened our first branch in Kolkata in 1923. Today, we have a significant presence with life insurance and asset management businesses providing a comprehensive offering of insurance and wealth products,” said Anil Wadhwani, Chief Executive Officer, Prudential plc.

“India’s growing economy, population and middle class create significant opportunities for growth in its insurance market, especially in the health, savings, protection, and retirement sectors. Transforming access to healthcare and increasing insurance penetration are strategic priorities for Prudential and through our comprehensive health solutions we aim to offer help to millions of Indian consumers when they need it most,” Wadhwani added.

HCL Group, founded in 1976 as one of India’s pioneering IT garage start-ups, has been at the forefront of modern computing, achieving several industry firsts, including the introduction of the 8-bit microprocessor-based computer in 1978, ahead of its global peers. Over the decades, the Group has expanded its presence across diverse sectors, including technology, healthcare, and talent management solutions and comprises various companies including HCLTech and HCL Healthcare.

The Group generates annual revenues of over $13.8 billion with 220,000 employees operating across 60 countries. HCL Healthcare is one of India’s largest corporate health solutions firms and delivers full circle wellness through a tech-driven ‘phygital’ model of care.

“Through this collaboration, we aim to advance our common mission to enhance access to quality health insurance and drive greater penetration across the country. It reflects our commitment to improving the well-being of millions of Indians and contributing to a stronger, more inclusive healthcare ecosystem,” Shikhar Malhotra, Executive Director, Vama Sundari Investments (Delhi) Private Ltd said.

Prudential has over 100 years of history in Asia. It has offered life insurance solutions in India since the 2001 establishment of ICICI Prudential Life Insurance Company Limited, a joint venture with ICICI Bank, and it has consistently been amongst the top companies in the Indian life insurance sector. ICICI Prudential Life is also the first insurance company in India to be listed on both the National Stock Exchange (NSE) Limited and Bombay Stock Exchange (BSE) Limited. Prudential also has a longstanding partnership with ICICI in ICICI Prudential Asset Management Company, one of India’s largest asset management firms.