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GACL buys stake in ING Vysya

MUMBAI: The board of ING Vysya Bank has approved the sale of the bank's 14.87 per cent stake in ING Vysya Life Insurance Company to Gujarat Ambuja Cements for Rs. 60.90 crore subject to Insurance Regulatory and Development Authority and other relevant regulatory approvals. The deal would result in a one-off gain of Rs. 22.90 crore for the financial year ending March 31, 2006, ING Vysya Bank informed the Bombay Stock Exchange.

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