DLF, the country’s largest real estate company, is looking to exit its life insurance joint venture with US-based Prudential Financial as it continues to sell non-core businesses that demand fund infusion. The company, still to recover from last year’s realty crash, is now scouting for a potential buyer for its 74% stake in DLF Pramerica Life Insurance in what could be the first deal in India’s fledgling insurance industry, at least two persons familiar with the matter told ET. The first person, a senior executive in the insurance industry, said DLF wants to exit the insurance business it entered in 2007, as it is loath to spend more money on any business that is not its core area of operation. DLF-Pramerica, which currently has a capital base of Rs 130 crore, is expecting fresh infusion of Rs 150-200 crore from its parents this fiscal to push its market penetration.
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