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Netherlands-based financial services organization AEGON N.V., which operates in India through its insurance joint venture AEGON Religare Life Insurance Co. Ltd., is hoping to become one of the first insurers to raise its stake in the life insurance JV to 49%, as reported by Business Standard.
AEGON Asia chairman and CEO Douglas Henck said in an interview that "the company expects to go up to 49 % (in foreign direct investment)".
The company has already made an application and has received clearance from the Competition Commission of India (CCI).
The name of the company will be changed in due course, after AEGON goes to 49%.
Meanwhile, current partner Religare will exit the JV. BCCL, another partner in the JV, would acquire the entire stakes owned by Religare, once it exits.