Aviva takes an extra 23 percent stake in India JV partner Dabur Invest
3 May 2016 8:40 AM GMT
The acquisition takes Aviva's stake to 49 percent
Last year, Aviva India tied up with CII to service its vast membership of SMEs and hoped to reach out to the 1.5 million-strong segment with tailor-made products.
Insurer Aviva said on Tuesday it had purchased an additional 23 percent share in Aviva Life Insurance Company India Limited from joint venture partner Dabur Invest Corp.
The acquisition, which takes Aviva's stake to 49 percent, followed a recent regulatory change in India. It will have a neutral impact on Aviva's net assets, the company said in a statement.
Aviva India contributed 36 million pounds ($52.96 million) to Aviva's net assets in 2015 and 4 million pounds to profits, it added.
( Source : reuters )
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