Bloomberg News

BOMBAY, India - As India opens its insurance market, Metropolitan Life Insurance Co life Inc. may partner with Jammu and Kashmir Bank Ltd., for an insurance venture.

Arthur Andersen LLP is reportedly drawing up a business plan for the project.

Metlife may hold as much as 26% of J&K Bank, the maximum permissible under Indian law. The bank will also be partnering with other investors.

J & K Bank is India's only commercial bank owned by a state government.

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