AIA Group has increased stake in Tata AIA Life Insurance from 26 per cent from 49 per cent. The insurance company is a joint venture between Tata Sons and AIA Group. The value of the transaction is Rs 2,055 crore for the additional 23 per cent stake, according to details mentioned in a press release by Foreign Investment Promotion Board (FIPB) for its meeting held on March 7, 2016. This transaction values the insurance company at Rs 8,934.78 crore.
In December 2015, it was announced that AIA Group will hike its stake in Tata AIA Life to 49 per cent. Following receipt of all necessary governmental and regulatory approvals, they have today successfully completed the transaction.
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