Momentum Mulls IPO for Its Venture With Indian Billionaire Birla

Momentum Group Ltd. is open to considering an initial public offering for its Indian venture with billionaire Kumar Mangalam Birla as the South African insurer steps up its expansion plans in Asia’s third-largest economy.

The Pretoria-based company, which has 3 billion rand ($172 million) in excess capital on its books, plans to spend a third of the amount to expand its businesses in South Africa and add new services in India, Momentum Chief Executive Officer Jeanette Marais said. Momentum controls about 44% of Aditya Birla Health Insurance Co.

Kumar Mangalam Birla, chairman of Aditya Birla Group.

Photographer: Anindito Mukherjee/Bloomberg

“We would rather spend our money in high growth markets, and ...