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Report: Warburg Pincus may take further 20.5% stake in IndiaFirst Life Insurance

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Report: Warburg Pincus may take further 20.5% stake in IndiaFirst Life Insurance

Private equity firm Warburg Pincus LLC could acquire a 20.5% stake in Mumbai-based IndiaFirst Life Insurance Co. Ltd. from Andhra Bank, The Economic Times reported Sept. 16.

The lender, which has a 30% stake in the insurer, could make a profit of 7 billion rupees from the move, the report said, citing industry sources.

Warburg Pincus already owns a 26% stake in IndiaFirst Life Insurance and the deal would potentially make it the insurer's biggest shareholder.

Currently the insurer's majority shareholder is the state-run Bank of Baroda, which owns a 44% stake.

Neither Warburg Pincus nor IndiaFirst commented on the report.

As of Sept. 16, US$1 was equivalent to 71.55 Indian rupees.