HDFC Life, an insurance joint venture (JV) between Standard Life and HDFC was established in April 2000.
The decision follows the Indian Cabinet’s recent approval to increase foreign direct investment (FDI) limits in insurance sector to 49% from current 16%.
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Two people familiar with the matter told the ET that initial discussions are centered on an outcome that could see HDFC, which owns 72.37% stake in HDFC Life, gain nearly INR45bn ($748m) – INR50bn ($831m) from a sale-cum flotation exercise.
This will also enable the foreign partner to increase its ownership in life insurance venture.
"The two sides have already held one round of discussions and a second round is scheduled in London. A high-level team led by (HDFC vice-chairman) Keki Mistry will meet the senior management of Standard Life to decide the broad contours of the deal."
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