Prudential Financial, Inc (PFI) has increased its stake in the life insurance joint venture, DHFL Pramerica Life Insurance (DPLI) Company, to 49%, the maximum allowed by FDI (foreign direct investment) regulations, for an undisclosed sum.
Under the new agreement, Prudential International Insurance Holdings (PIIH), a wholly owned subsidiary of PFI, a financial services company headquartered in the US, has increased its stake in DPLI to 49%.
PIIH has acquired 12% stake from Resources Realty and 11% stake from Yardstick Developers. DHFL, along with one of its promoters' entities, holds a 51% stake in DPLI.
"Over the years, DPLI has evolved as an insurance company to address various financial requirements of customers across the social spectrum," said Kapil Wadhawan, chairman and managing director, DHFL.
"Together, we will strengthen the company's ability to meet the life insurance needs of families across India," he said.
"Over the last eight years, DPLI has developed into a strong and profitable company with a passion to protect Indian families with life insurance," said Jan van den Berg, regional president for Asia, International Insurance at PFI.
"We are targeting the next chapter for growth. PFI is dedicated to fuelling DPLI's success and to the long-term development of the joint venture. This increased stake is a true indicator of our continued commitment," he stated.
DHFL is a leading private sector housing finance company with an extensive distribution network spread across the country. PFI is a global financial services company which does business under the trade name Pramerica in select countries outside the US.
Courtesy:- Times of India.
Under the new agreement, Prudential International Insurance Holdings (PIIH), a wholly owned subsidiary of PFI, a financial services company headquartered in the US, has increased its stake in DPLI to 49%.
PIIH has acquired 12% stake from Resources Realty and 11% stake from Yardstick Developers. DHFL, along with one of its promoters' entities, holds a 51% stake in DPLI.
"Over the years, DPLI has evolved as an insurance company to address various financial requirements of customers across the social spectrum," said Kapil Wadhawan, chairman and managing director, DHFL.
"Together, we will strengthen the company's ability to meet the life insurance needs of families across India," he said.
"Over the last eight years, DPLI has developed into a strong and profitable company with a passion to protect Indian families with life insurance," said Jan van den Berg, regional president for Asia, International Insurance at PFI.
"We are targeting the next chapter for growth. PFI is dedicated to fuelling DPLI's success and to the long-term development of the joint venture. This increased stake is a true indicator of our continued commitment," he stated.
DHFL is a leading private sector housing finance company with an extensive distribution network spread across the country. PFI is a global financial services company which does business under the trade name Pramerica in select countries outside the US.
Courtesy:- Times of India.
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