Mumbai : Aviva Plc said it is planning to increase stake to 49 % from existing 26 % in its joint venture business in India. Aviva India is a joint venture between Dabur Invest Corp (DIC) and Aviva with the latter currently holding a 26 % stake in the venture. Current paid up capital amounts to Rs 2,004.9 crore. “We intend to increase our stake in the Aviva India joint venture business. We are finalising our application to do this and expect to complete within the next six months,” Aviva Europe and India CEO David McMillan said.
Meanwhile, Aviva Investors have opposed billionaire Anil Agarwal-led Vedanta Ltd’s USD 2.3 billion takeover of Cairn India saying the deal is not in the interest of minority shareholders as it fails to provide value to them.
Opposing Vedanta’s all-share merger deal, Aviva said there was “a risk of the Vedanta Group misallocating capital” of oil producer Cairn India to pay off its huge debt. Aviva holds 4.3 % stake in Edinburgh-based Cairn Energy plc, the original owner of Cairn India and still its largest minority shareholder. Its emerging market equity teams both own stakes in Cairn India.
(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)