Sale of 26% of India First Life Insurance’s capital

ERGO International and Manulife Financial have started talks in private for the purchase of a 26% stake in the capital of India First Life Insurance. The latter is in co-ownership with giant Indian Bank of Baroda which controls a 44% stake in Andhara Bank (30%) and British insurer Legal & General Group which detains the 26% up for sale.

The transaction has been entrusted to Ambit Corporate Finance, an investment bank offering consultancy services in finance.

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• The insurance industry in India