Sachin Bansal's Navi Technologies is looking to buy out Aviva Life Insurance Company India, and has begun discussions to explore a deal.
The Flipkart co-founder has begun talks with UK insurer Aviva and the Burman family, who are Dabur's promoters, to purchase their investments in the joint venture (JV), The Economic Times reported.
Bansal is planning to buy the Burman family's stake in the Dabur-Aviva JV for around Rs 1,000-1,200 crore subject to regulatory approvals, the report said.
Moneycontrol could not independently verify the story.
Navi and Aviva declined to comment as per the report. A Dabur spokesperson and Mohit Burman, chairman, Dabur Aviva had not responded to queries.
Dabur has a 51 percent stake in the life insurance JV, while Aviva owns 49 percent.
Bansal and Ankit Agarwal co-founded financials services company Navi Technologies in 2018, after the former's exit from Flipkart.
Aviva had hired JP Morgan to help them sell their holdings in their India franchise, but no deal has materialised so far, said the report. But discussions with Bansal, which began earlier in 2020, have gained momentum in the past few months.
The report also said Trevor Bull, the Chief Executive Officer (CEO) and Managing Director of Aviva Life Insurance Company India, has expressed his intention to resign by the end of December.
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