Bank ofIndia said it completed the sale of an 18% stake in Star UnionDai-ichi Life Insurance Co. Ltd. to Japan's Dai-ichi Life Insurance Co. Ltd.
Following the sale, Dai-ichi Life's stake in the jointventure increased to 44% from 26%, while Bank of India's stake fell to 30% from48%, according to a Sept. 26 release. Union Bank of India continues to hold a 26% stake inStar Union Dai-ichi Life.
In June, Dai-ichi Life agreed to acquire the 18% stake in the joint venturefrom Bank of India for around 5.4 billion Indian rupees.
As of Sept. 26, US$1was equivalent to 66.59 Indian rupees.