Jul 25, 2013, 06.42 PM IST
Property developer DLF said that it will sell its 74 percent stake in insurance joint venture DLF Pramerica Life Insurance Company to pare down its debt.
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DLF to sell stake in insurance JV to pare debt
Property developer DLF said that it will sell its 74 percent stake in insurance joint venture DLF Pramerica Life Insurance Company to pare down its debt.
Like this story, share it with millions of investors on M3
DLF to sell stake in insurance JV to pare debt
Property developer DLF said that it will sell its 74 percent stake in insurance joint venture DLF Pramerica Life Insurance Company to pare down its debt.
The company 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.
Also read: DLF cuts staff strength by 30% after outsourcing activities
The stake sale in the joint venture is part of DLF's strategy to divest "non-core" assets to pare debt, a company statement said.
India's crowded life insurance sector has been battered by losses, regulatory changes and a sharp slowdown in economic growth, forcing many foreign and domestic players to exit their investments.
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