Three Sisters, the family office of Yes Bank Ltd. cofounder Rana Kapoor, is in talks to buy a large stake in Aviva Life Insurance Co. India Ltd. held by Dabur Invest Corp., The Economic Times (India) reported, citing people with knowledge of the matter.
IndusInd Bank Ltd. is also reportedly in separate talks to join in as a strategic ally, with sources saying that a valuation exercise has started. Aviva PLC is said to be leading the talks on behalf of the seller.
Dabur Invest is the investment vehicle of the Burman family, who is open to exiting the venture entirely if they get a good price, according to sources.
Three Sisters and IndusInd Bank denied that discussions with the Burman family are ongoing, while an Aviva spokesperson said the company's strategic review of India is continuing. Aviva Life Insurance Chairman Mohit Burman declined to comment.
Aviva bought an additional 23% stake in Aviva Life Insurance from Dabur Invest in May 2016 to increase its ownership stake to 49%.