New York Life in talks to exit India JV

New York Life Insurance Co is in talks to sell its stake in a joint-venture with healthcare and life insurance company Analjit Singh-led Max India,it was reported on Wednesday citing an unnamed source.

New York Life Insurance Co is in talks to sell its stake in a joint-venture with healthcare and life insurance company Analjit Singh-led Max India,it was reported on Wednesday citing an unnamed source.

The U.S.-headquartered insurer has a close to 26 percent stake in Max New York Life,India’s largest non-banking private insurance company,estimated to be worth around 35 billion rupees ($709 million),the report said.

Around one-third of the sale proceeds would be paid to Max India,it said citing a person familiar with the development.

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Our JV is a highly successful operation that provides important insurance products to the people of India. We do not comment on rumours,a New York Life spokesman was quoted as saying.

A spokesman for Max India could not be immediately reached for comment by Reuters. New York Life was not available outside its business hours.

Max India holds a 70 percent stake in the joint venture,and Indian lender Axis Bank owns the remaining 4 percent. ($1 49.3650 rupees)