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.

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%.