UK-based Aviva plc has acquired an additional 25% stake from Dabur Invest Corp in its three way partnership Aviva Life Insurance Company India (ALICIL) to boost its complete stake to 74%.
The transaction has allowed Aviva to grow to be the bulk shareholder in the JV, whereas it has resulted in a dilution of stake of FMCG main Dabur India promoters, the Burman household, to 26% from 51%.
Aviva Life Insurance Company India is a three way partnership between Dabur Invest Corp and Aviva.
Also Read: Ease of doing business – Law in winter session to decriminalise extra offences: Piyush Goyal
“The transaction allows Aviva to become the majority shareholder, increasing its economic and operational control as it continues to transform the performance of the business,” Aviva plc stated in a press release. The deal worth was not disclosed.
Aviva acquired approvals from the related competitors and regulatory authorities for growing its stake in ALICIL, which posted a 34.52% year-on-year rise in its first-year premium at Rs 296.20 crore for the final fiscal.
Aviva plc is UK’s main insurance, wealth & retirement business and it operates in the UK, Ireland and Canada. It additionally has worldwide investments in Singapore, China and India. As on June 30, 2022, complete group property beneath administration at Aviva Group had been £353 billion.
ALICIL turns into the second life insurance firm in India to have a 74% stake held by a overseas firm.
Last week, Ageas Federal Life Insurance stated it has grow to be the primary life insurance firm in the nation to have a 74% stake held by a overseas accomplice after Belgium-based Ageas Insurance International accomplished the acquisition of the 25% stake in the life insurance three way partnership from IDBI Bank. Ageas acquired the additional 25% stake of IDBI Bank in Ageas Federal Life Insurance for a complete money consideration of Rs 5.8 billion.
