US based insurance firm metlife On Monday, it said it proposes to increase its stake in its Indian venture by acquiring 15.27 per cent stake in IGE (India) Pvt Ltd and International Ltd. PNB MetLife India Insurance Company. With the acquisition, MetLife International Holdings, LLC (MIHL) GNP MetLife will grow to 47.32 percent, MetLife said in a statement.

The share purchase agreement with IGE and Alpro International is subject to all necessary regulatory approvals, it added.

“MetLife’s joint venture in India has all 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 one of the world’s most attractive An advantageous position in one of the life insurance markets,” said Kishore Ponnavolu, Regional President, MetLife Asia.

Established in 2001, PNB MetLife shareholders include MIHL (32 percent stake), (PNB), and Alpro among other private investors. PNB joined as the promoter of PNB MetLife Insurance in 2012 with a 30 per cent stake.

Promoted by the Dabriwala family, Rajendra Dabriwala and his son, Surbhit Dabriwala through their companies, IGE and Alpro, PNB is one of the early investors in MetLife, which has over 200 million customers across 15,000 sales locations across the country.

“The Dabriwala family has been a strong supporter of PNB MetLife and are important members of its board, and we thank them for their contribution to the company,” he added.