SANMAR SHAREHOLDERS BACK AMP TO TAKE BIGGER STAKE IN LIFE JV

AMP Sanmar Life Assurance Co, the India-based joint venture co-owed by Australian insurance group AMP and local conglomerate Sanmar, is poised to alter its ownership arrangements, after shareholders of Chennai-based Sanmar group approved the sale of a 23% holding in the assurer to AMP. The move would give AMP a 49% stake in AMP Sanmar Life, alongside Sanmar’s 51% holding. Any transfer of ownership will, however, only proceed should India’s parliament back a plan to increase the current cap on direct foreign investment in a local insurer to 49% from 26% currently.