DLF Ltd, India's biggest real estate firm, is in talks with Mumbai-based Dewan Housing Finance (DHFL) to sell a majority stake in DLF Pramerica Life Insurance Company, a joint venture with US-based Prudential Financial, said media reports.
The reports said that while valuations have not been finalized yet, but DLF may exit with marginal premium over its investment of Rs 235 crore made to acquire 74 per cent stake in the venture. The Prudential Financial, US's second biggest insurance firm, hold 26 per cent stake in the venture.
DLF and Prudential earlier had plans to rope in HCL as Indian partner. However, that plan was called off as HCL had some issues with conditions of US partner. DLF has been exiting its non-core businesses as a part of its strategy to focus on realty business and retire its mounting debt burden.
