On Thursday, Aditya Birla Nuvo Ltd (ABNL) has announced the formation of a joint venture with MMI Holdings for the purpose of entering in Indian health insurance and wellness market.

The company in a BSE filing said, “As per the agreements, ABNL will hold 51 per cent share in the joint venture company named Aditya Birla Health Insurance Co Ltd (ABHICL), subject to the regulatory approvals.”

The filing said that “The company expects to commence operations in next 12-15 months.”

It also added, ABHICL is in the process of making an application to the Insurance Regulatory and Development Authority of India for obtaining license to start health insurance and wellness business operations.

Read important tips on Indian stock market