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Author: Raoji
Source:Tankrich
(Disclosure:I am market making in the shares of ICICI Pru Life)
British insurer and asset manager Standard Life plc (SL.L) said on Friday that it is seeking approval from Indian regulatory authorities to increase its stake in India’s HDFC Standard Life Insurance Company Ltd.
Standard Life is seeking an increase in stake from 26 percent to 35 percent for a total consideration of about 169 million pounds ($264.45 million).
The company would be seeking approval from India’s Competition Commission of India, The Foreign Investment Promotion Board and the Insurance Regulatory and Development Authority of India following the passing of the Insurance Laws (Amendment) Act 2015 by the Indian Parliament.
The law will shake up India’s overcrowded life insurance sector, allowing global insurers such as Britain’s Prudential (PRU.L) — which holds a minority stake in India’s biggest private life insurer ICICI Prudential Life — and others to increase their Indian stakes.
The legislation could also pave the way for HDFC Life to move ahead with a planned listing of the company.-from Reuters
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Maa Tujhe Salaam
Wishing all Indians a Happy Independence Day.
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Weekend Mega Linkfest:August 14,2015
Some off beat reads for the weekend:
The lies and politics behind GST (Op India)
What Gandhis don’t want you to know about Adil Shahryar (DailyO)
When I was a Prisoner of War in Pakistan (Outlook)
Can India’s Parsis survive their own success? (Harpers)
ISIS enshrines a theology of rape (NYTimes)
The unretiring Serena Williams (NYMag)
How the Sinaloa drug cartel digs its tunnels (New Yorker)
Finland-The country most afraid of Russia (Harpers)
Spoof:Sushma Swaraj in Lok Sabha (Unreal Times)
Auto Ownership Review:Mercedes CLA45 (Team BHP)
A hanging in India (Shashi Tharoor)
Jinnah’s role in India’s first talkie Alam Ara (Scroll)
Mutual Fund Startup Scripbox gets funding of 16 Crores (YS)
Arnab’s hoax (Media Crooks)
Ashish Khetan:I leaked the Radia tapes (Newslaundry)