Prudential plc to acquire majority stake in Bharti Life Insurance for Rs 3500 cr (Image credit: PTI)NEW DELHI: Prudential plc, a leading insurer and asset manager in Asia and Africa, has agreed to acquire a 75% stake in Bharti Life Insurance Co Ltd from Bharti Life Ventures Pvt Ltd and other selling shareholders for Rs 3,500 crore. While Bharti stake will go down from 85% to 25%, 360 ONE will sell its 15% stake to exit the JV. Post completion of this transaction, Prudential will have 75% stake and Bharti the remaining 25% in Bharti Life.Bharti Enterprises founder and chairman Sunil Bharti Mittal said: “We are delighted to welcome Prudential Plc as the controlling shareholder of Bharti Life, further accelerating its growth trajectory. Prudential’s experience and global scale, combined with Bharti’s strong track record, create a formidable alliance to tap into the immense potential of India’s life insurance sector. This partnership opens new opportunities for Bharti Life’s employees and further reinforces the strategic relationship between India and the United Kingdom.”Anil Wadhwani, Prudential plc’s CEO said, “India is a strategically important and exciting market for Prudential. By acquiring a controlling stake in Bharti Life, we are bringing together Prudential’s nearly 180 years of global insurance expertise and Bharti’s strong and growing local presence to serve the savings and protection needs of Indian consumers. Through this acquisition, we aim to contribute further to The Viksit Bharat Initiative and, by extending access to our products and services to customers in India, act as a catalyst for achieving ‘Insurance for All by 2047’. Our joint partnership with the ICICI group of companies, has, for many decades, provided high-quality financial services solutions in India. We deeply appreciate this partnership and value our relationship with them.”"The transaction is for an initial cash consideration of Rs 3,500 crore payable on completion. The transaction will be funded from existing resources," Prudential said in a statement.The investment is selected support Bharti Life’s next phase of growth by enhancing its product offerings and expanding its distribution reach to better serve evolving customer needs.Karan Bhagat, Founder, MD & CEO, 360 ONE, said "Our private equity funds are pleased to have made a meaningful investment in Bharti Life Insurance and we have been encouraged by the company's market-leading growth and strong momentum. Today's transaction reflects both its current performance and long-term potential. We are also delighted to welcome Prudential PLC’s controlling investment in Bharti Life Insurance and look forward to continuing the distribution of the company's products through our network."