UK-based life insurance company Standard Life will increase its stake in HDFC Standard Life Insurance Company to 26% from 14%.
The insurance company is a joint venture between the Housing Development Finance Corporation (HDFC) and a group company of Standard Life. HDFC holds 84.2% in the joint venture.
Deepak Parekh, chairman, HDFC, said,''Standard Life will increase its stake in the life venture to 26% in a months' time by the return on equity formula. For the general insurance business, we are in talks with four or five international players. The partner will be finalised in a month or so. The partner for the general insurance business will come in at a premium as HDFC is a established brand, and has a set business and distribution network in the country.''
HDFC recently bought out Chubb Corporation's 26% stake in HDFC Chubb General Insurance Company, following which it has been scouting for a joint venture partner for its general insurance business.
Read more in The Business Standard article.
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