British-headquartered Aviva Plc has become the majority shareholder in Aviva Life Insurance Company India Limited (ALICIL), the group’s joint venture in the South Asian country.
Securing approvals from the relevant competition and regulatory authorities, Aviva acquired an additional 25% stake from Dabur Invest Corp. for an undisclosed sum. The finalised swoop elevated the insurer’s shareholding in ALICIL to 74%.
“The transaction allows Aviva to become the majority shareholder, increasing its economic and operational control as it continues to transform the performance of the business,” stated Aviva, the core markets of which are the UK, Ireland, and Canada.
Aside from India, Aviva also has international investments in Singapore and China.
