The Three Sisters, the family office run by the daughters of Yes Bank co-founder Rana Kapoor, and private sector lender IndusInd Bank are in separate talks to buy a stake held by Dabur Invest Corp. in Aviva Life Insurance Company India Ltd, The Economic Times reported.
Dabur Invest Corp. is an investment vehicle of the Burman family, promoter of fast-moving consumer goods major Dabur Group.
Citing people aware of the development, the report said that Aviva is leading the talks with the suitors.
Aviva Life Insurance Company India Ltd is a joint venture between UK-based insurer Aviva Plc and Dabur Invest Corp.
In 2016, Aviva Plc had increased its holding in the insurance firm to 49% from 26% by buying the stake from Dabur Invest Corp. for Rs 940 crore. Dabur Invest Corp holds the remaining 51% stake.
India’s foreign direct investment (FDI) norms allow foreign insurers to acquire up to 49% stake in insurance ventures.
Essel Group to raise $400 mn
Essel Group, led by media baron Subhash Chandra, is in negotiations with lenders including private equity firms AION Capital Partners and KKR to raise about $400 million in structured credit, business daily Mint reported.
Citing two people aware of the development, the report said Essel will use the capital to refinance debt of firm’s Mauritius holding company.
Essel Group runs businesses in entertainment, media, infrastructure, education, financial services, precious metals and technology sectors.