Standard Life Mauritius Holdings has increased its stake in HDFC Standard Life Insurance Company, its Indian life insurance joint venture, to 26%, with the acquisition of approximately 7.15% of HDFC SL from its joint venture partner, Housing Development Finance Corporation Limited, for approximately GBP25.7 million.
Standard Life now owns the maximum shareholding currently permitted under Indian law. If Indian law permits Standard Life to increase its holding above 26%, subject to applicable laws and regulations, any increase will be made at a fair value to be agreed between HDFC and Standard Life at that time.
Standard Life and HDFC are planning to continue the growth of HDFC SL and an IPO of the business. The current intention is to launch the initial public offering before the end of 2009, subject to applicable regulations.