New Delhi: New York Life Insurance Co is in talks to sell its stake in a joint-venture with healthcare and life insurance company Analjit Singh-led Max India, it was reported on Wednesday citing an unnamed source.
The U.S.-headquartered insurer has a close to 26 percent stake in Max New York Life, India's largest non-banking private insurance company, estimated to be worth around 35 billion rupees ($709 million), 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.
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 percent stake in the joint venture, and Indian lender Axis Bank owns the remaining 4 percent. ($1 = 49.3650 rupees)