By Tapan Panchal

LONDON--LONDON--Aviva PLC (AV.LN) said Tuesday that it has raised its stake in its Indian joint venture, Aviva Life Insurance Co. India Ltd., to 49%, the maximum permitted under the country's foreign direct investment limits.

The insurer said it has acquired an additional 23% share from partner Dabur Invest Corp., part of the Dabur Group. No financial details of the deal were disclosed.

The deal is expected to have a neutral impact on Aviva's net assets. In 2015, the joint venture contributed 36 million pounds ($52.68 million) to Aviva's net assets and GBP4 million to Aviva's pretax profit.

Write to Tapan Panchal at tapan.panchal@wsj.com

(END) Dow Jones Newswires

May 03, 2016 02:32 ET (06:32 GMT)