HDFC Standard Life and Birla Sun Life are among the six insurance firms, who are competing to acquire Aviva Life, a joint venture between UK’s Aviva and Dabur group in India.
Aviva Life chairman Mohit Burman was quoted by The Economics Times as saying, "We have received bids from six companies, both existing and new.
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"If the valuation is right, we may look at exiting from the business, too."
Two people familiar with the development told the news agency that Samsung Life and Manulife are the other potential suitors for the business.
Aviva has appointed JPMorgan and Deutsche Bank to help in selling its 26% stake in the Aviva life.
Managing 134 branches across about 1,000 towns and cities, Aviva Life sells its insurance products through IndusInd Bank, RBS and Punjab & Sind Bank and over 30 cooperative banks as well as and regional rural banks.
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