Germany-based Ergo International and Canada-based Manulife Financial are reportedly engaged in negotiations with UK-based Legal & General Group to acquire its 26% stake in IndiaFirst Life Insurance.

According to local media reports, both insurance companies are separately talking to buy the stake in the Indian life insurer.

The development comes at a time when Legal & General Group expressed its willingness to divest its stake in IndiaFirst.

The British financial group has already selected investment bank Ambit Corporate Finance to find a suitable buyer.

Headquartered in Mumbai, IndiaFirst Life Insurance is joint venture of Bank of Baroda and Andhra Bank who own 44% and 30% stake respectively, while the remaining stake is owned by Legal & General.

The discussions are still in their early stage and it is said that the proprietors of the venture are not keen on divesting their stakes.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.