Last Updated : Dec 30, 2015 10:02 AM IST | Source: CNBC-TV18

HDFC Life gets nod to up foreign partner stake, may list in FY17

FIPB today cleared Standard Life's proposal to stake in the insurance joint venture by 9 percent with HDFC for Rs 1,700 crore.

The foreign investment promotion board (FIPB), on Tuesday, cleared Standard Life’s proposal to raise its stake in its insurance joint venture (JV) with HDFC to 35 percent.

The British insurer will acquire additional 9 percent stake from HDFC for Rs 1,700 crore. This will precede realization of the company’s long-term aim of listing on the Dalal Street.

Speaking to CNBC-TV18, Keki Mistry, CEO & Vice-Chairman of HDFC said that shareholding between the companies is yet to be discussed. However, Mistry is sure that once the company gets all necessary approvals, it will roll out its plan to get listed.

Mistry is hoping for insurance JV isting to happen in later half of 2016-17.

Watch video for more.

First Published on Dec 29, 2015 08:27 pm