MetLife to buy additional stake in PNB MetLife India from Dabriwala family

US insurance giant MetLife International has agreed to acquire an additional stake of 15.27% in PNB MetLife India Insurance from the Dabriwala family-owned IGE (India) and Elpro International.

Upon completion of the deal, which is subject to the mandated regulatory approvals, MetLife International will increase its stake in the Indian life insurance franchise to 47.325%.

The other stakeholders of PNB MetLife India Insurance include Punjab National Bank Limited (PNB), M. Pallonji and Company, and Jammu & Kashmir Bank Limited (JKB).

Kishore Ponnavolu — Regional President of MetLife Asia said: “MetLife’s joint-venture in India has all of the hallmarks we look for in deploying capital to create long term shareholder value: a track record of consistent execution, an extensive distribution network, strong growth and an advantaged position in one of the world’s most attractive life insurance markets.

“I am pleased that this transaction supports MetLife’s continued growth in India and will enable us to deliver even more value for our customers, partners and shareholders. The Dabriwala family has been a strong supporter of PNB MetLife and valued members of its board, and we thank them for their contribution to the company.”

The Dabriwala family is one of the initial investors in PNB MetLife, which is claimed to have access to over 200 million customers across 15,000 sales locations across India.

While IGE (India) is an investment vehicle of the Dabriwala family promoted by Rajendra Dabriwala and his son — Surbhit Dabriwala.

On the other hand, Elpro International operated as a joint venture between the Dabriwala family and General Electric (GE) for manufacturing electrical equipment. After GE’s exit in 1997, Elpro International had entered into retail, real estate, and research and development centers for the automobile sector.