Exide Industries, the sole-owner of ING Life Insurance, is in advance talks with South Korean insurer Samsung Life to offload 26% stake in the company.
Exide that has been seeking a potential buyer to sell part of its stake and a deal is expected to be announced by next week, reported Business Standard.
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Samsung Life, meanwhile, is keen to expand its business in India, having set up a representative office in the country.
Exide earlier held a 50% stake in ING Life Insurance, but later it acquired 26% ownership of ING Group after it left the venture, as well as bought 16.32% stake from Hemendra Kothari Group and 7.68% from Enam Group.
Following its 100% ownership in the insurance company, brokerages raised concerns over company’s core operations.
The purchase could help Samsung Life make a foray into the country, with Exide looking to bring in a new international player into the life insurance segment to infuse fresh equity into ING Life.
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