Exide Industries, which owns ING Life Insurance, is in advance discussions to sell its 26% interest in the life insurance company to South Korea’s Samsung Life.
According to media reports, Exide had been seeking a potential buyer, and Samsung Life was one of the buyers with which the discussions had progressed.
The deal was expected to be announced as early as next week, the reports said.
Samsung Life has plans in place to foray into Indian market, with a representative office already set up in the country.
Exide has been holding a stake in ING Life since 2005. It initially owned 50% and subsequently acquired 26% interest when ING Group exited the venture.
It also purchased 16.32% from Hemendra Kothari Group and 7.68% from Enam Group.
Image: The deal was expected to be announced as early as next week. Photo: courtesy of Mike Johnson.