Religare Enterprises Limited has decided to shut down operations of its wholly owned subsidiary MIC Insurance Web Aggregator Private Limited after the board reviewed the subsidiary’s business viability and operational contribution.
The board of Religare Enterprises, during its meeting held on May 12, 2026, approved the surrender of the business license of MIC Insurance Web Aggregator Private Limited and the closure of its operations.
MIC is a wholly owned subsidiary of Religare Enterprises and had earlier seen its operations temporarily suspended in February 2025 while the company reassessed the feasibility of the business model.
Religare Enterprises stated that MIC had no contribution to the company’s turnover and only a negligible contribution to its net worth.
According to the company, the closure decision is not expected to have any material impact on its financial position or overall business operations.
The company also clarified that MIC currently has no liabilities towards customers or other entities. As a result, Religare said there would be no impact on customers following the closure of the subsidiary’s operations.
The decision appears to be part of Religare Enterprises’ broader effort to streamline non-core or low-contribution businesses within the group structure.
The company had initially paused MIC’s operations in 2025 to review the long-term sustainability of the business model before arriving at the final decision to discontinue the operations entirely.
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As of 13 May 2026, at 9:55 AM Religare Enterprises share price is trading at ₹229.60 per share, reflecting a surge of 3.28% from the previous closing price.
Religare Enterprises has moved ahead with the closure of MIC Insurance Web Aggregator Private Limited after determining that the subsidiary had limited financial contribution and no significant impact on the group’s broader operations.
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Published on: May 13, 2026, 11:01 AM IST
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