Published on Wed, Feb 15, 2012 at 09:00 | Source : Reuters
Updated at Wed, Feb 15, 2012 at 18:23
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New York Life in talks to exit India JV
New York Life Insurance Co is in talks to sell its stake in a joint-venture with healthcare and life insurance company Max India, according to newspaper reports on Wednesday citing an unnamed source.
New York Life Insurance Co is in talks to sell its stake in a joint-venture with healthcare and life insurance company Max India, according to newspaper reports on Wednesday citing an unnamed source.
The US-headquartered insurer has a close to 26% stake in Max New York Life, India's largest non-banking private insurance company, estimated to be worth around 35 billion rupees, the report said.
Around one-third of the sale proceeds would be paid to Max India, it said citing a person familiar with the development.
"Our JV is a highly successful operation that provides important insurance products to the people of India. We do not comment on rumours," a New York Life spokesman was quoted as saying by the newspaper.
A spokesman for Max India could not be immediately reached for comment by Reuters. New York Life was not available outside its business hours.
Max India holds a 70% stake in the joint venture, and Indian lender Axis Bank owns the remaining 4%.
