AIA gets CCI nod to raise stake in life insurance JV with Tata
Tata AIA Life Insurance, which started operations in 2001, offers a wide array of life insurance solutions that cover protection, savings and wealth creation needs.
Fair trade regulator CCI on Monday approved AIA group's 23% additional stake purchase in its life insurance joint venture with the Tata group. AIA, which holds 26% stake in Tata AIA Life Insurance Company, will raise it to 49% with the acquisition.
However, while announcing the deal in December last year, the company did not disclose the financial details.
In a tweet, the Competition Commission of India (CCI) said it "approves acquisition of additional 23% shares in Tata AIA Life Insurance Company Ltd by AIA International Ltd".
Tata AIA Life Insurance, which started operations in 2001, offers a wide array of life insurance solutions that cover protection, savings and wealth creation needs. Many overseas partners have proposed to raise stakes in their Indian joint ventures after Parliament enacted a law allowing increase in foreign direct investment in private insurance companies to 49% last year.
The prominent names include Nippon in Reliance Life Insurance, AXA in Bharti AXA Life Insurance, Bupa in Max BUPA health insurance and Sunlife Financial Inc in Birla Sunlife.