Dewan Housing Finance Corporation (DHFL) and Prudential Financial, Inc. (PFI) have closed their previously announced joint venture (JV) transaction, following regulatory approval, to provide life insurance products to customers in India. Under the agreement, DHFL, along with its promoters’ entities, has acquired DLF’s 74% stake in DLF Pramerica Life Insurance Company (DPLI).
DHFL has capped its stake at 50% in accordance with National Housing Bank (NHB) requirements, while the two other promoter entities have each acquired a 12% stake. The name of the life insurance company shall be changed to DHFL Pramerica Life Insurance Company (DHFL Pramerica) very shortly, subject to regulatory approval.
DHFL is India’s second largest private housing finance company with presence spread across the country. PFI is a global financial services company which does business under the trade name Pramerica in select countries outside the United States.
DHFL has capped its stake at 50% in accordance with National Housing Bank (NHB) requirements, while the two other promoter entities have each acquired a 12% stake. The name of the life insurance company shall be changed to DHFL Pramerica Life Insurance Company (DHFL Pramerica) very shortly, subject to regulatory approval.
DHFL is India’s second largest private housing finance company with presence spread across the country. PFI is a global financial services company which does business under the trade name Pramerica in select countries outside the United States.
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