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Statement by Prudential Financial, Inc. and DLF Ltd.
January 22, 2010
DLF Ltd. (DLF) and U.S.-based Prudential Financial, Inc. (PFI) today announced that they have decided that DLF will exit their asset management joint venture. The asset management company will be renamed “Pramerica Asset Managers Private Limited” and will be owned entirely by PFI’s sponsor group. PFI received in principle approval from the Securities Exchange Board of India (SEBI) in 2008 to set up a mutual fund in India.
DLF’s decision to exit this area of business was triggered due to changes by SEBI in its evaluation criteria for granting approval to the joint venture mutual fund to commence its business. The criteria required DLF to have a five-year track record in the financial services business.
The decision to exit does not affect DLF Pramerica Life Insurance Company Ltd., a joint venture between DLF Limited, and Prudential International Insurance Holdings, Ltd., a fully-owned subsidiary of PFI, which will continue business in its existing form.
About DLF
The DLF Group is a leading real estate developer in India. The Group has over 238 million sq. ft. of executed development and 432 million sq ft of planned projects. DLF is committed to quality, trust and customer sensitivity, and delivers on promises with agility, financial prudence and in tune with the highest global standards. DLF’s core business traditionally has been development of residential, commercial and retail properties. DLF has a unique business model with earnings arising from real estate development and leasing. Its exposure across businesses, segments and geographies, mitigates risks against down cycles in the market.
Further information on the Company is available on its website www.dlf.in
About Pramerica
Pramerica is a tradename used by Prudential Financial, Inc. (“PFI”), a company incorporated and with its principal place of business in the United States, and its affiliated companies in select countries outside the United States. PFI (NYSE: PRU), a financial services leader with approximately $641 billion of assets under management as of September 30, 2009, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, PFI is focused on helping individual and institutional customers grow and protect their wealth. In the U.S., the company’s Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. PFI's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. PFI is not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom. For more information, go to www.prudential.com
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