Dewan Housing Finance Corporation (DHFL) and Prudential Financial, Inc. (PFI) have entered into a joint venture (JV) partnership to provide life insurance products to customers in India. PFI does business under the trade name Pramerica in selected countries outside the US.
Under the terms of the agreement, which is subject to regulatory approvals, DHFL and its promoters’ entities will acquire DLF’s 74% interest in DLF Pramerica Life Insurance Company (DPLI) and the company, upon closing is proposed to be renamed DHFL Pramerica Life Insurance Company (DHFL Pramerica). The business of the current entity will continue without interruption and the current management will continue to run the joint venture, under the stewardship of the shareholders.
DPLI started operations in India on September 01, 2008 and has a pan India presence through its agency and third party distribution channels.
Under the terms of the agreement, which is subject to regulatory approvals, DHFL and its promoters’ entities will acquire DLF’s 74% interest in DLF Pramerica Life Insurance Company (DPLI) and the company, upon closing is proposed to be renamed DHFL Pramerica Life Insurance Company (DHFL Pramerica). The business of the current entity will continue without interruption and the current management will continue to run the joint venture, under the stewardship of the shareholders.DPLI started operations in India on September 01, 2008 and has a pan India presence through its agency and third party distribution channels.
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