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Sri Lanka's Janashakthi Insurance P.L.C. will buy AIA General Insurance Lanka Ltd. for 3.2 billion Sri Lankan rupees ($22.6 million), reported Daily News.
Chandra Schaffter, founder of Janashakthi Insurance, said the insurer hopes that the acquisition will enable it to increase its market share by 6.5% to 17.5% in terms of the general insurance business in the country.
The acquisition is likely to be completed on or before Oct. 23 after receiving all required approvals.