Insurance giant Prudential is considering listing its stake in Indian joint venture ICICI Prudential Asset Management.
Prudential is evaluating a potential listing of ICICI Prudential Asset Management Company – an Indian joint venture with Mumbai-based bank ICICI – involving the partial divestment of its shares, according to a statement. The decision will be subject to considerations including market conditions and requisite approvals.
«It is intended that following the completion of such a divestment, the net proceeds would be returned to shareholders. We will provide a further update at an appropriate time,» the British insurer said. «India is a strategically important market for Prudential with compelling growth prospects. We will continue to explore opportunities to grow our businesses in the market.»
Prudential owns 49 percent of the Indian asset management joint venture with the remaining 51 percent stake held by ICICI which said it intends to retain its majority holding, according to a regulatory filing.
