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Dai-ichi Life ups stake in Indian JV to 45.94%

Dai-ichi Life Holdings Inc. raised its stake in Indian joint venture Star Union Dai-ichi Life Co. Ltd. to 45.94% from 44%.

The insurer said March 31 that it increased its stake by subscribing to new shares amounting to 1.07 billion Indian rupees.

Star Union Dai-ichi Life is a joint venture between Dai-ichi Life, Bank of India and Union Bank of India.

Following Dai-ichi Life's stake increase, Bank of India's stake in the joint venture dropped to 28.96% from 30%, while Union Bank of India's stake fell to 25.10% from 26%.

In September 2016, Dai-ichi Life acquired an 18% stake in the joint venture from Bank of India, increasing its stake to 44% from 26%.

As of April 3, US$1 was equivalent to 64.97 Indian rupees.