Bar and Bench - Indian Legal news

Talwar Thakore on second insurance deal: Sun Life increases stake in Birla JV

Bar & Bench

Talwar Thakore & Associates advised the Sun Life group in relation to the increase of its equity stake from 26% to 49% in its Indian life insurance joint venture with the Aditya Birla Group for Rs 1,664 crore (about $250 million).

The TT&A team included Partner Kunal Thakore and Deepa Christopher, with Vinod Dhall and Sonam Mathur advising on competition aspects.

The Aditya Birla group was advised by its in-house legal team.

The stake of Aditya Birla Nuvo, part of the diversified metals-to-telecoms group, will come down to 51 per cent in the JV after the deal completes, reports VCCircle.

The insurance sector is seeing a substantial increase in activity after the government allowed foreign companies to hold a 49% stake in Indian insurers, up  from the earlier limit of 26%.

Recently, France’s AXA group also increased its stake in its life insurance and general insurance joint ventures with Bharti Enterprises to 49% from 26% where AXA was advised by TT&A and AZB & Partners acted for Bharti.