ABNL and BSLI
chairman Kumar Mangalam Birla said, " Financial services is one of our fastest- growing businesses and is among our core businesses.
BSLI commenced business in 2001 and has a customer base of 1.
The increased stake in BSLI aligns with Sun Life's objective of expanding its presence in markets with strong growth opportunities.
I am confident this move will only strengthen our long standing partnership and help realize our vision of being a top three private life insurer in India," said Kumar Mangalam Birla, Chairman, Aditya Birla Nuvo and BSLI.
Once the deal is completed, Sun Life will raise is stake in BSLI from current 26 percent to 49 percent while ABNL will continue to be the controlling stakeholder at 51 percent.
70 crore equity shares constituting 23 percent of the issued and paid up equity share capital of BSLI.
One of two India joint ventures established between ABG and Sun Life, BSLI
ABNL has entered into an agreement with the Canadian insurance major Sun Life to sell approximately 437 million equity shares constituting 23% of the issued and paid up equity share capital of BSLI," said the firm.
On completion of the transaction, Sun Life's stake in BSLI will increase from current 26% to 49% while ABNL will continue to hold the controlling stake at 51%.
will leverage IBM's business consulting, application development and maintenance services to drive process efficiencies and transform the business towards better outcomes for customers and employees.
BSLI, the insurance arm of Aditya Birla Financial Services Group, had requested four agencies to present their strategies and creative proposals.
BSLI is a joint venture between the Aditya Birla Group and Sun Life Financial Inc of Canada.