Mumbai: Global insurer AIA Group has successfully completed its increase in stake in Tata AIA Life Insurance Company to 49 percent from 26 percent after receiving all necessary governmental and regulatory approvals.
The private insurance company is a joint venture between AIA Group and India's Tata Sons.
"AIA Group and Tata Sons are pleased to announce that following receipt of all necessary governmental and regulatory approvals they have today successfully completed the transaction (stake hike) announced on December 7, 2015," the global insurer said in a release here.
AIA Group has increased its stake in Tata AIA Life Insurance Company to 49 percent from 26 percent, it said.
AIA Group and its subsidiaries comprise the largest independent publicly listed pan-Asian life insurance entity.
It has a presence in 18 markets in Asia-Pacific including Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, Sri Lanka and India.
It had total assets of USD 168 billion as of November 30, 2015.
Several overseas insurance companies have been increasing stake in their Indian ventures after the government raised the limit of foreign investments in domestic insurance firms to 49 per cent from 26 per cent in 2015, more than one-and-a-half decades after the key sector was thrown open to private players.