For over 1,906 crores, US-based insurer Metlife Inc would buy out I.G.E. (India) Private Ltd and Elpro International Ltd's combined 15.27% share in PNB MetLife India Insurance Company Ltd. Elpro claims it would collect Rs. 1,424.69 crores while I.G.E. (India) will get Rs. 481.32 crores. MetLife International Holdings LLC has agreed to buy I.G.E. (India) and Elpro's shares.

Subject to regulatory clearances, Elpro expects the acquisition to close on November 30, 2021. MetLife's stake in PNB MetLife would rise to 47.325% after the transaction.

In addition to a solid distribution network, MetLife's joint venture in India has an advantageous position in one of the world's most attractive life insurance markets, according to MetLife Asia Regional President Kishore Ponnavolu. "I am thrilled that this acquisition will enable MetLife to provide even greater value to our clients, partners, and shareholders. We congratulate the Dabriwala family for their support of PNB MetLife and their service on the board."

Surbhit Dabriwala of Elpro said: "We have a solid connection with MetLife and have witnessed PNB MetLife expand. Elpro has a long history of collaborating with significant international partners in India, including GE and FANUC." Elpro's stock rose to 72.65 on Tuesday morning after closing at 60.55 on Monday.