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Aviva likely to sell 30% stake to Syndicate Bank

Aviva Life Insurance, the local arm of UK insurer Aviva Group, is likely to sell 30% stake to state-run lender Syndicate Bank in a move to boost its income.

Dabur Group director Mohit Burman confirmed that the deal was in process and that a decision will soon be taken on the sale.

The local unit, 74% owned by Dabur India while the remaining owned by the parent company, may offer a discount on the face value to the Bank.

The Indian unit sells insurance through Punjab & Sind Bank, IndusInd Bank and DBS.

Aviva Life Insurance has a paid-up capital of 2,004 crore. The UK insurer, established in May 2002, has 7,654 crore total assets under management and has posted a profit of 29 crore in 2010-11.

According to Economic Times, Ernst & Young is helping Syndicate in the deal, which has over 1,500 branches.