The deal forms part of Prudential's broader India strategy, alongside its health insurance venture and minority holdings in ICICI Prudential businesses.
Life insurance growth remained subdued in H1, while health and non-motor business supported gains in the non-life sector amid sweeping regulatory changes.
Under the draft SHANTI rules, operators must hold an insurance policy, financial security or both, though those running Central Government-owned installations are exempt.
The regulator has flagged widespread transparency shortcomings in car insurance renewals nearly a year after launching court proceedings against RACQ Insurance.
