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MANILA, Philippines — Sun Life Financial, Incorporated will invest ₹16.64 billion ($20.81 million) to increase its stake in Birla Sun Life Insurance Company Limited and tap into India's strong growth opportunities.
Sun Life told the Philippine Stock Exchange (PSE) on Thursday, December 3, that it entered an agreement to increase ownership with Birla Sun Life to 49% from 26%.
Birla Sun Life is a joint venture between Aditya Birla Nuvo Limited and Sun Life Financial.
Aditya Birla sold 23% of its shares to Sun Life for ₹16.64 billion ($20.81 million).
Sun Life Insurance said its increased stake in Birla Sun Life aligns with its objective of expanding its presence in markets with strong growth opportunities.
"In Sun Life, our joint venture partner, we find many synergies that are reflective of their belief and commitment towards the Indian market," Birla Sun Life Chairman Kumar Mangalam Birla said.
Today’s announcement builds upon Sun Life Insurance's investment in Vietnam, which will see the firm as a majority shareholder.
Sun Life and Aditya Birla have partnered closely since 2001 to invest in and build their insurance business to the current scale.
Sun Life said the transaction is expected to close by the end of the first quarter of 2016, subject to regulatory approvals and customary closing conditions.
The acquisition will be financed using cash, the local insurance company said. – Rappler.com
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