DLF concludes sale of 74% equity stake in its insurance JV

DLF has completed the sale of its 74% stake in the insurance joint venture with Prudential Financial, Inc. of USA to Dewan Housing Finance Corporation (DHFL) & its group entities. This transaction is in line with the DLF’s ongoing strategy to divest non-core businesses.

The name of the JV shall change from DLF Pramerica Life Insurance Company (DPLI) to DHFL Pramerica Life Insurance Company (DHFL PLI).

Earlier in July this year, DLF had signed a definitive agreements to sell its 74% equity stake in its the Life Insurance Joint Venture - DLF Pramerica Life Insurance Company, a joint venture with Prudential International Insurance holdings (PIIHL), a subsidiary of Prudential Financial, Inc USA 'PFI' to Dewan Housing Finance Corporation (DEIFL) & its group entities. These agreements were subject to regulatory approvals.