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Report: Warburg Pincus to buy 26% stake in Mumbai-based life insurer

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Report: Warburg Pincus to buy 26% stake in Mumbai-based life insurer

U.S.-based private equity firm Warburg Pincus LLC has agreed to acquire Legal & General Group PLC's 26% stake in Mumbai-based IndiaFirst Life Insurance Co. Ltd. for 7.10 billion Indian rupees, The Economic Times reported, citing people aware of the development.

IndiaFirst's board reportedly approved the transaction and an announcement is expected June 1.

IndiaFirst is a joint venture between Legal & General, Bank of Baroda and Andhra Bank Other companies that vied for Legal & General's stake included General Atlantic LLC, ERGO International AG, Manulife Financial Corp. and Fairfax Financial Holdings Ltd., according to the publication.

Investment bank Ambit advised Legal & General on the transaction.

As of May 31, US$1 was equivalent to 67.45 Indian rupees.