AIA Group to up stake in Indian life insurance JV with Tata

Reuters: AIA Group Ltd. has agreed to raise its stake to 49% in its life insurance joint venture with India’s Tata Sons Ltd., the Indian group said on Monday.

AIA, which currently owns 26% in Tata AIA Life Insurance, will boost its stake by buying an additional 23% in the company, Tata Sons said in a statement, without giving further details.

The deal is the latest in a series of such transactions this year after India raised foreign holding cap in the insurance sector to 49%.