HDFC buys 9.9% more in fund arm

Housing Development and Finance Company (HDFC) has bought an additional 9.9% stake in HDFC Asset Management from its UK-based joint venture partner Standard Life.Standard Life sold the stake at Rs 181.81 crore, thus valuing HDFC Mutual Fund at Rs 1,836.47 crore. HDFC MF manages assets worth Rs 41,333.40 crore.However, Standard Life continues to be a co-sponsor of the mutual fund business of HDFC.

HDFC will now hold a 60% stake, while Standard Life will hold the remaining 40% in the joint venture. Standard Life and HDFC are also partners for HDFC Standard Life Insurance Company, where again HDFC holds a majority 81.9%.

Rad more in The DNA Money article.

Standard Life to up stake in HDFC JV to 26%

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.