DLF totally exits life insurance JV with Prudential

Real estate firm DLF has completed sale of a 74 per cent stake in its joint venture - DLF Pramerica Life Insurance - to Dewan Housing Finance for an estimated Rs. 250-300 crore. In July this year, DLF had announced exit from the life insurance business by selling its entire 74 per cent stake in the JV with US insurance giant Prudential Financial. The JV was announced in 2007 and started operation in September, 2008. ‘Post completion of all the conditions precedent including regulatory approvals, DLF completed the sale of its 74 per cent stake in the insurance JV with Prudential Financial, Inc. to Dewan Housing Finance Corporation Limited (DHFL) & its group entities,’ DLF said.