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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.