STANDARD LIFE INCREASES STAKE IN INDIAN JOINT VENTURE TO 26%

UK-based Standard Life has increased to the maximum permitted 26% its stake in India-based joint venture HDFC Standard Life. The Scottish assurer paid India’s Housing Development Finance Corporation the equivalent of £25.7m for the 7.15% stake, which Standard Life said would serve as a benchmark in advance of a planned initial public offering of about 10% of company equity in 2009.