Several financial investors such as private equity firms and sovereign wealth funds are showing interest in acquiring stake in the joint venture, reported The Economic Times.
A deal is considered to be a precursor for an initial public offering (IPO) in the near future.
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The government has already passed a decree that raises the overseas investment limit in the life insurance sector to 49% from 26%.
"The deal, if any, will only be concluded after the changes in foreign investment policy in the insurance sector are passed by both houses of parliament," said an ICICI Bank spokesperson.
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