MUMBAI, May 17 -- UK-based Prudential plc on Sunday said it plans to acquire a 75% stake in Bharti Life Insurance and subsequently cut its holding in ICICI Prudential Life Insurance to 10%, marking a major realignment of its India strategy.

The investment is part of Prudential's "strategic repositioning of its India operations," the company said in a statement. It will buy the stake from Bharti Life Ventures Pvt. Ltd and 360 ONE Asset Management for Rs.3,500 crore.

The deal also includes a potential additional consideration of Rs.700 crore, subject to the fulfilment of certain conditions. Completion of the transaction is subject to regulatory approvals.

"India is a strategically important and exciting market for Prudential," Anil Wadhw...