Liberty Mutual Insurance to hike stake in Liberty Videocon General to 49%

The US-based Liberty Mutual Insurance Group is looking to increase its shareholding in Mumbai-based Liberty Videocon General Insurance to 49 per cent from 26 per cent now, a top official of the Indian insurer said. “Regulatory approval has been sought from IRDAI recently for this transaction,” Pankaj Arora, Country Head-Retail SBU, Videocon General Insurance, told.

Arora said Liberty Mutual’s shareholding increase will take place through fresh issuance of shares by Liberty Videocon General and, therefore, the funds from the transaction will flow into the company. “Liberty is committed to India. Our focus is on achieving exponential growth and so the expansion plan on increasing the number of offices,” Arora said.