MUMBAI (Reuters) - AIA Group Ltd has agreed to raise its stake to 49 percent in its life insurance joint venture with India's Tata Sons Ltd, the Indian group said on Monday.
AIA, which currently owns 26 percent in Tata AIA Life Insurance, will boost its stake by buying an additional 23 percent in the company, Tata Sons said in a statement, without giving further details.
The deal is the latest in a series of such transactions this year after India raised foreign holding cap in the insurance sector to 49 percent.
(Reporting by Devidutta Tripathy; Editing by Gopakumar Warrier)
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