Indiabulls'' tie-up with Sogecap for the life insurance business is on and the Indian firm is going ahead with its plans despite the problems faced by the parent firm of the French firm. Sogecap is a subsidiary of French bank Societe Generale, which is reeling under a recent massive fraud of $7 billion by a trader. On December 31, Indiabulls informed the BSE that it has entered into a Memorandum of Understanding with Societe Generale Insurance for life insurance joint venture. As per the MoU, Societe Generale, through its life insurance company Sogecap, would own 26 per cent of the JV.
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