Chennai, Dec 7 (IANS) Tata Sons and AIA Group Ltd. on Monday said the latter would increase its stakes by 23 percent to 49 percent in Tata AIA Life Insurance Company Ltd.
In a statement, the two joint venture partners said the stake hike transaction is subject to regulatory and governmental approvals.
However, the two partners did not disclose the value at which the additional stakes are being bought.
After the insurance law was amended to permit foreign direct investment (FDI) up to 49 percent, some foreign partners in Indian insurance joint ventures have announced their interest in increasing their holdings.
Japanese Nippon Life announced its decision to acquire additional stakes in Reliance Life Insurance.
Similarly Axa announced its interest to increase stakes in Bharti Axa Life Insurance and UK’s Bupa in Max Bupa operating in health insurance space.