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Burmans to sell 25% stake in Aviva Life to JV partner Aviva

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The Burman family is set to pare its stake and give up control of a life insurance joint venture with UK's Aviva Plc as part of its strategy to raise capital for the core consumer goods business. The deal will see the Burman family's stake drop to 26% from the current 51% in Aviva Life Insurance Co. Aviva's holding will rise to 74%, giving the foreign partner control of the life insurer.