Hong Kong, April 25 (IANS) Tata Sons and AIA Group jointly announced on Monday that the latter has increased its stake in Tata AIA Life Insurance, their insurance joint venture company, to 49 percent.
“The AIA Group Limited has increased its stake in Tata AIA Life Insurance company, their Indian market joint venture, from 26 percent to 49 percent,” Tata Group said in a statement.
The company said the stake sale has been completed successfully following the receipt of all necessary governmental and regulatory approvals.
The stake sale was announced on December 7, 2015. In 2015, the government had raised the foreign direct investment limit in the insurance sector from 26 percent to 49 percent.
Tata AIA Life Insurance joint venture company was established in the year 2001.
AIA Group and its subsidiaries comprise the largest independent publicly listed pan-Asian life insurance entity, with headquarters in Hong Kong with presence in 18 countries.