New Delhi : Federal Bank, one of the domestic partners in IDBI Federal Life Insurance, said Europe’s Ageas may hike stake in the insurance company to 49 %.
The domestic partners — IDBI Bank and Federal Bank– are exploring the option of diluting their stake in the life insurance venture.
“Evaluation is going on. An independent third party agency is doing that. All aspects are being looked at for dilution of stake in favour of our foreign partner so that Ageas could increase its stake up to 49 %,” Federal Bank CEO and MD Shyam Srinivasan told PTI.
In January, UK’s Bupa Insurance had said that it would raise stake in its Indian health insurance venture, Max Bupa, to 49 % from the current 26 %. Recently, the government had approved French insurance firm AXA raising stake in its life insurance JV with Bharti Group to 49 % for Rs 858.6 crore.
