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AIA group to raise stake in Tata AIA Life Insurance to 49%

Financial details not disclosed; completion of transaction subject to regulatory and govt approvals

Press Trust of India  |  New Delhi 

AIA group to raise stake in Tata AIA Life Insurance to 49%

today said it will raise stake in the life venture with Tata group to 49 per cent from the existing 26 per cent.

AIA will increase shareholding in Company, a joint venture company formed by and AIA, from the current level of 26 per cent to 49 per cent through the purchase of a 23 per cent stake in the company, a joint statement said.

However, both the companies did not disclose the financial details.

"The completion of the transaction is subject to securing all necessary regulatory and governmental approvals," the statement said.

Tata AIA Life Insurance, which started operation in 2001 offers a wide variety of life solutions that cover protection, savings and wealth creation needs.

Following, Parliament passing the law for hike in foreign direct investment in private insurance companies to 49 per cent earlier this year, many overseas partners have proposed to raise stakes in their Indian joint ventures. Prominent names include in Reliance Life Insurance, in Bharti Life Insurance, in Max health insurance and Inc in

First Published: Mon, December 07 2015. 10:22 IST