British insurer Aviva said on Thursday it had agreed to buy the remaining 26% stake in its Indian life insurance joint venture from local partner Dabur Invest Corp, taking full ownership of the business it first established in 2001.
Here are some more details:
Aviva Life Insurance Company India Limited's acquisition follows India's landmark reform that raised the foreign direct investment cap in its insurance sector to 100% from 74% of paid-up equity capital.
Aviva has twice previously increased its stake in Aviva India following similar regulatory changes — raising its shareholding to 49% in 2016 and then to 74% in 2022.
The London-based company did not disclose the price of the acquisition and said its financial impacts are not material to it.
