Global insurance firms Ergo International AG and Manulife Financial Corp. have started separate discussions to acquire a 26% stake in IndiaFirst Life Insurance Co. Ltd, according to two people aware of the development.
UK’s Legal & General Group Plc plans to sell its 26% stake in IndiaFirst Life Insurance, and has hired investment bank Ambit Corporate Finance Pvt. Ltd to find a buyer for it.
IndiaFirst Life Insurance is a joint venture between Bank of Baroda, which owns 44% stake, Andhra Bank, which holds 30%, and Legal & General.