DLF to sell its life insurance biz to Deewan Housing Finance

DLF to sell its life insurance biz to Deewan Housing Finance
Realty major, DLF Ltd, is to exit from the life insurance business by offloading its 74 per cent stake in DLF Pramerica Life Insurance to Dewan Housing Finance, said the media report.

According to the report, the company did not disclose the amount of the deal but unconfirmed sources said it could be worth Rs. 350-400 crore.

"The company today signed definitive agreements to sell its 74 per cent stake in the life insurance joint venture DLF Pramerica Life Insurance...to Dewan Housing Finance and its group entities," DLF said in a filing to BSE.

The company said in a statement the deal is in line with their strategy to divest non-core businesses or assets. It has raised almost Rs 10,000 crore in the last 3 years through divestment of its non-core business.

DLF had in 2007entered into the sector through a joint venture with US insurance giant Prudential Financial's arm, said the media report.

Story first published: Friday, July 26, 2013, 9:21 [IST]
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