Sachin Bansal-led financial service company Navi Technologies is reportedly looking to acquire Aviva Life Insurance Company, a joint venture between UK-based insurer Aviva and Indian consumer goods company’s investment arm Dabur Invest Corp.
Bansal is said to be in advanced talks with Aviva to take over the loss-making joint venture. Meanwhile, it is looking to buy out Dabur family’s investment in the venture for around INR 1,000 Cr to INR 1,200 Cr.
The Aviva Life Insurance Company was originally at 26:74 alliance, but Aviva Plc acquired an additional 23% stake from Dabur Invest Corp for INR 940 Cr in May 2016. Now Aviva Plc owns 49% stake in the joint venture valued at INR 4,087 Cr.
Notably, Aviva initiated a process to exit its Asia operations last year, valuing it at $2 Bn as part of an organisational haul. The insurer also roped in JP Morgan to facilitate the sell off of the Indian franchise, but there has been no update in this regard since then.
