Property developer DLF said on Thursday it has agreed to sell its 74 percent stake in a life insurance joint venture with US-based Prudential International Insurance Holdings Ltd to Dewan Housing Finance Corp.
The company said the financial details of the deal will be disclosed after the transaction gets all approvals. DLF Pramerica Life Insurance Company is one of the two dozen Indian life insurers in which Prudential International Insurance, a unit of Prudential Financial Inc, owns 26 percent, the maximum permissible foreign holding. Also read: DLF cuts staff strength by 30% after outsourcing activities The stake sale in the joint venture is part of DLF's strategy to divest "non-core" assets to pare debt, a company statement said. India's crowded life insurance sector has been battered by losses, regulatory changes and a sharp slowdown in economic growth, forcing many foreign and domestic players to exit their investments.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!