MUMBAI (Bloomberg) — Standard Life Plc, a UK life insurer, increased its stake in an Indian venture to 26 percent, the maximum allowed under local rules.

Standard Life bought an additional 7.15 percent stake from Housing Development Finance Corporation, its local life insurance venture partner, the Indian company said in an e-mailed statement, without giving details of the price.

Housing Development agreed that any future sale of shares in the venture to Standard Life, when allowed by the government, would be at a "fair value," the company said.