Japan-based Tokio Marine today raised its stake in general insurance company IFFCO-Tokio from 26 per cent to 49 per cent.
IFFCO-Tokio General Insurance is a joint venture between Indian Farmers Fertiliser Cooperative (IFFCO) and its associates and Tokio Marine and Nichido Fire Group, Japan.
The deal values the company at Rs 11,000 crore and Tokio Marine paid Rs 2,530 crore for 23 per cent stake.
While IFFCO divested 21.64 per cent, Indian Potash Ltd sold 1.36 per cent in favour of Tokio Marine, IFFCO Managing Director U S Awasthi said.
The decision regarding divestment was made after the government hiked the FDI limit in the insurance sector to 49 per cent.
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