S.Africa Sanlam wants to up stake in India venture

NEW DELHI, June 9 (Reuters) - South Africa's second-biggest insurer, Sanlam (SLMJ.J), wants to raise its stake to 49 percent in its Indian insurance joint venture when foreign direct investment (FDI) rules allow it, its chief executive said on Tuesday.

"We see moves towards lifting FDI ceiling from 26 percent to 49 percent, which we hope is imminent," Johan van Zyl told reporters in the Indian capital.

Sanlam, one of the biggest asset managers in South Africa, holds a 26 percent stake in a life insurance joint venture with India's Shriram Group. (Reporting by Devidutta Tripathy; Editing by John Mair)