Mumbai, India and Toronto, Canada—(PHStocks)—Sun Life Financial Inc. (PSE: SLF) (TSX: SLF) (NYSE: SLF) has announced the completion of the transaction to increase its ownership in Birla Sun Life Insurance Co. Ltd (BSLI) from 26% to 49%. It purchased the additional BSLI shares from Aditya Birla Nuvo Ltd, a part of the Aditya Birla Group (ABG). The transaction was announced on December 2, 2015.
BSLI is one of two India joint ventures established between ABG and Sun Life. BSLI commenced business in 2001 and has an extensive distribution reach through a network of more than 60,000 advisors in 418 cities country-wide. Sun Life’s second joint venture with ABG is Birla Sun Life Asset Management Co. Ltd, the fourth largest mutual fund company in India with quarterly average assets under management of Rs. 1,366 billion (approximately C$28 billion), in which Sun Life owns 49%.
The increased stake in BSLI aligns with Sun Life’s objective of expanding its presence in markets with strong growth opportunities.