ICICI Bank intends to hold majority stake in ICICI Prudential Life Insurance. British insurance giant Prudential Plc will acquire three-fourth stake in the India-headquartered Bharti Life Insurance, according to a release issued on Sunday.
Prudential "has agreed to buy 75% stake", Bharti Enterprises said, in the statement issued on the acquisition deal related to its insurance arm. The initial transaction is valued at Rs 3,500 crore, with a potential additional payout of Rs 700 crore, Prudential said in a separate release.
The deal marks an entry of Prudential as controlling shareholder in Bharti Life Insurance. The transaction, however, is subject to regulatory approvals and other customary conditions.
Through this acquisition, Prudential is expected to leverage Bharti Life platform to expand life and health insurance offerings in India amid rising demand and digital adoption.
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