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

[MUMBAI] AIA Group has agreed to raise its stake to 49 per cent in its life insurance joint venture with India's Tata Sons, the Indian group said on Monday.

AIA, which currently owns 26 per cent in Tata AIA Life Insurance, will boost its stake by buying an additional 23 per cent 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 per cent.