Nov 13 (Reuters) - India's Mahindra & Mahindra

has agreed to establish a life insurance joint venture with

Canada's Manulife, with both firms committing up to

$400 million for a 50% stake each, the Indian firm said on

Thursday.

In the first five years, each company will invest $140

million, Mahindra said in an exchange filing.

The joint venture expands on the already existing

collaboration between the two companies, following the launch of

Mahindra Manulife Investment Management in 2020.