metlife: Metlife plans to raise its stake in Indian venture; acquire stake of IGE, Elpro
The share purchase agreement with IGE and Elpro International is subject to all necessary regulatory approvals, it said.
“MetLife’s joint-venture in India has all of the hallmarks we look for in deploying capital to create long term shareholder value: a track record of consistent execution, an extensive distribution network, strong growth and an advantaged position in one of the world’s most attractive life insurance markets,” said Kishore Ponnavolu, regional president, MetLife Asia.
Founded in 2001, PNB MetLife’s shareholders include MIHL (32 per cent stake), (PNB), and Elpro other private investors. PNB joined as the promoter of PNB Metlife Insurance with a 30 per cent stake in 2012.
The Dabriwala family, promoted by Rajendra Dabriwala and his son, Surbhit Dabriwala through their companies, IGE and Elpro, is one of the initial investors in PNB MetLife, with access to more than 200 million customers across 15,000 sales locations nationwide.
“The Dabriwala family has been a strong supporter of PNB MetLife and valued members of its board, and we thank them for their contribution to the company,” he said.