DLF exits life insurance business, sells 74 pc stake in DLF Pramerica to DHFC

DLF exits life insurance business, sells 74 pc stake inDLF Pramerica to DHFC. DLF Ltd said that it has agreed to sell its 74 percent stake in a life insurance joint venture with U.S.-based Prudential International Insurance Holdings Ltd to Dewan Housing Finance Corp.

The company also said the financial details of the deal will be disclosed after the transaction gets all approvals.

DLF Pramerica Life Insurance Company is one of the two dozen Indian life insurers in which Prudential International Insurance, a unit of Prudential Financial Inc, owns 26 percent, the maximum permissible foreign holding.

Source - ft.com