The UK’s Legal & General is reportedly in negotiations over the possible sale of its 26% stake in IndiaFirst Life Insurance.
The British insurer is said to be in talks with both Canada’s Manulife Financial and Germany’s Ergo International over the stake, as reported by The Verdict. The talks are said to be separate and come at a time when Legal & General Group has openly stated its willingness to divest in its shares – it has already chosen Ambit Corporate Finance to find a potential buyer.
IndiaFirst Life Insurance is based in Mumbai and is a joint venture between the Bank of Baroda, which owns a 44% stake in the business, and Andhra Bank, which owns a 30% stake. Legal & General makes up the remaining stake in the firm.
Discussions are said to be at an early stage.