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On Monday, AIA group said that it will be raising stake in the life insurance venture with Tata group to 49 percent from the existing 26 percent.
A joint statement said that AIA will increase shareholding in Tata AIA Life Insurance Company, a joint venture company formed by Tata Sons and AIA, from the current level of 26 percent to 49 percent through the purchase of a 23 percent stake in the company.
The financial details have not been disclosed by any of the companies.
The statement further said that “The completion of the transaction is subject to securing all necessary regulatory and government approvals”.
