New Delhi, May 17 (IANS) Bharti Enterprises announced on Sunday that Prudential Plc has agreed to acquire a 75 per cent majority stake in Bharti Life Insurance Company Limited from Bharti Life Ventures Pvt Ltd and other selling shareholders.

Prudential is an insurer and asset manager operating across Asia and Africa, while Bharti Life is one of India’s life insurance providers.

Bharti Enterprises Founder and Chairman Sunil Bharti Mittal said: “We are delighted to welcome Prudential Plc as the controlling shareholder of Bharti Life, further accelerating its growth trajectory.”

“Prudential’s experience and global scale, combined with Bharti’s strong track record, create a formidable alliance to tap into the immense potential of India’s life insurance sector,” he added.

Mittal further stated that the partnership would create new opportunities for employees and strengthen ties between India and the United Kingdom.

Prudential plc Chief Executive Officer Anil Wadhwani said India remains a key market for the company.

“By acquiring a controlling stake in Bharti Life, we are bringing together Prudential’s nearly 180 years of global insurance expertise and Bharti’s strong and growing local presence to serve the savings and protection needs of Indian consumers,” he said.

He said the company aims to support the Viksit Bharat Initiative and contribute to the goal of “Insurance for All by 2047” by expanding access to insurance products and services in India.

Wadhwani also said Prudential values its long-standing partnership with the ICICI group of companies in India.

360 ONE Founder, MD, and CEO Karan Bhagat said the firm’s private equity funds had made a meaningful investment in Bharti Life Insurance and had seen strong growth in the business.

“Today’s transaction reflects both its current performance and long-term potential,” Bhagat said. He added that 360 ONE looked forward to continuing the distribution of Bharti Life’s products through its network following Prudential’s investment.

Bharti Enterprises said the investment would support Bharti Life’s next phase of growth by strengthening product offerings and expanding distribution reach.

The company added that Bharti Life’s local presence, combined with Prudential’s insurance expertise, is expected to improve access to life and health protection solutions across India.

The transaction is subject to regulatory approvals and other conditions, the company statement added.

–IANS

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