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Tokio Marine raises stake in IFFCO-Tokio to 49%
The deal values the company at Rs 11,000 crore and Tokio Marine paid Rs 2,530 crore for 23 percent stake.
New Delhi: Japan-based Tokio Marine on Friday raised its stake in general insurance company IFFCO-Tokio from 26 percent to 49 percent.
IFFCO-Tokio General Insurance is a joint venture between Indian Farmers Fertiliser Cooperative (IFFCO) and its associates and Tokio Marine and Nichido Fire Group, Japan.
The deal values the company at Rs 11,000 crore and Tokio Marine paid Rs 2,530 crore for 23 percent stake.
While IFFCO divested 21.64 percent, Indian Potash Ltd sold 1.36 percent in favour of Tokio Marine, IFFCO Managing Director U S Awasthi said.
The decision regarding divestment was made after the government hiked the FDI limit in the insurance sector to 49 percent.