Canada's Fairfax Financial Holdings Ltd. and U.S.-based asset managers Warburg Pincus LLC and General Atlantic LLC have joined the race to acquire a 26% stake in IndiaFirst Life Insurance Co. Ltd., Mint reported Feb. 6, citing "two people aware of the development."
IndiaFirst Life is a joint venture between Indian lenders Andhra Bank and Bank of Baroda and U.K.-based Legal & General Group Plc. Andhra Bank and Bank of Baroda own 30% and 44% stakes in the insurer, respectively, while Legal & General holds the remaining 26%.
Legal & General has appointed investment bank Ambit Corporate Finance Pvt. Ltd. to seek buyers for its stake in the insurer.
No decision regarding the sale has been made yet, one of the two people added.
In January, Germany-based ERGO International AG and Canada's Manulife Financial Corp. were reportedly in separate talks to acquire the stake in IndiaFirst Life.
Warburg Pincus, General Atlantic and Ambit Corporate Finance spokespersons declined to comment on the matter, while emails sent to Legal & General and Fairfax were not immediately answered, the publication noted.
