Other Deals

US-based insurer Metlife to raise its stake to 47% in Indian venture

Economic Times  

US-based insurance firm Metlife proposes to raise its stake in its Indian venture by acquiring a 15.27 % stake of IGE (India) Pvt Ltd and Elpro International Ltd in PNB MetLife India Insurance Company. With the acquisition, the stake of MetLife International Holdings, LLC (MIHL) in PNB Metlife will increase to 47.32 %. Founded in 2001, PNB MetLife's shareholders include MIHL (32%), Punjab National Bank (PNB), and Elpro other private investors. PNB joined as the promoter of PNB Metlife Insurance with a 30% stake in 2012. The Dabriwala family, promoted by Rajendra Dabriwala and his son, Surbhit Dabriwala through their companies, IGE and Elpro, is one of the initial investors in PNB MetLife.

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