Industry Odisha Bureau, May 17: London-headquartred British multinational insurance giant Prudential Plc is reportedly going to gain three-fourth (75 per cent) stake in India-based Bharti Life insurance company in accordance with a formal deal inked between the two entitiesIndustary
Reportedly issuing official statement today, Bharti Enterprises informed media that “Prudential has agreed to buy 75 per cent stake in Bharti Life”, while Prudential in its press statement reportedly said that “the initial transaction is valued at Rs 3,500 crore with a potential additional payout of Rs 700 crore.”
In his reactions, Prudential Plc chief executive officer (CEO) Anil Wadhwani reportedly said, “India is a strategically important and exciting market for 180-year-experienced Prudential. Bharti’s strong and growing local presence would serve the savings and protection needs of Indian consumers.”
It has also been reported that Bharti Enterpises chief Sunil Bharti Mittal is elated at the development and is reportedly optimistic of paving path for “new opportunities for Bharti Life’s employees” as well as “prop up strategic relationship between India and the United Kingdom.”
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