New York Life owns 26% of the Max India unit - Max New York Life Insurance, whereas Max India holds the remaining stakes.
Max India plans to sell a 23% stake in its life insurance unit to joint venture partner New York Life Insurance – reported Bloomberg.
Analjit Singh, Chairman, Max India, said: “It is clearly agreed and understood between New York Life and us that Max India will sell 23 percent stake in Max New York Life to New York Life. In anticipation to change in the FDI guidelines, some preliminary discussions have started and there is strong interest from New York Life.”
India is expected to pass a law allowing overseas companies to raise their stakes in local insurance ventures to 49%, from the current 26%.
According to Business Standard, Max India may sell the stake for INR30 billion ($626 million).
New York Life owns 26% of the Max India unit – Max New York Life Insurance, whereas Max India holds the remaining stakes.