Mahindra & Mahindra and Manulife have entered into an agreement to establish a 50:50 life insurance joint venture, subject to regulatory approval. The total capital commitment from each shareholder is up to Rs 3,600 crores ($400 million approximately). Each shareholder is expected to invest Rs 1,250 crores ($140 million) in the first 5 years. According to M&M’ regulatory filing, this new venture will “strengthen Mahindra and Manulife’s existing footprint in India and underscores their commitment to enhancing the financial wellbeing of customers in one of the world’s fastest-growing markets.”