India watchdog clears Prudential Corporation Holdings's ₹3,500cr Bharti Life buy
Prudential Corporation Holdings just got the go-ahead from India's competition watchdog to buy 75% of Bharti Life Insurance for ₹3,500 crore (about $389 million).
The deal, announced in May this year, means Prudential is making a big move into India's insurance scene by buying out stakes from Bharti Life Ventures and 360 ONE Asset Management.
Prudential must trim ICICI venture stake
Along with the new ownership, Bharti Life will look into securing strategic distribution agreements with Bharti Airtel and 360 ONE, so expect to see more insurance options popping up.
Prudential already owns a chunk of ICICI Bank's insurance venture but will need to trim that stake to meet regulations.
Overall, Prudential Corporation Holdings is the holding company for the group's insurance and asset management operations in Asia and provides management and support to its Asia and Africa business operations.