Mumbai-based home loan and housing
finance company Dewan Housing Finance Corporation Limited (DHFL) has bought
DLF’s 74% stake in the insurance joint venture DLF Pramerica Life Insurance.
However, neither of the companies has disclosed the deal amount, but according
to the sources close to the development, the amount could be anything around Rs
350-400 crore.
In 2007, the largest reality firm
of India, DLF had announced to enter into life insurance sector through a joint
venture with US-based Prudential International Insurance Holdings Ltd., a unit
of Prudential Financial Inc.
Apart from DLF Pramerica Life
Insurance, Prudential International Insurance is present in Indian insurance
sector through joint ventures with two dozen Indian life insurance companies,
in which Prudential International Insurance holds the maximum permissible
foreign holding of 26%.
DLF in a filing to BSE said that
it signed definitive agreements on Thursday to sell its 74% stake in the life
insurance joint venture DLF Pramerica Life Insurance to DHFL. The stake sale in
the joint venture is part of DLF's strategy to divest ‘non-core’ assets to
reduce debt. The joint venture had reported a combined loss of over Rs. 250
crore during past two fiscals.
Source: http://www.insuringindia.com
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