Aviva Life Insurance Company India, a local arm of the UK insurer Aviva , may sell as much as 30 percent stake to state-run Syndicate Bank, it was reported on Wednesday.
Consumer goods maker Dabur India owns 74 percent stake in the insurer, while Aviva Group owns the rest.
Mohit Burman, director of Dabur Group, confirmed that talks are on, the report said.
The deal is in process, the report quoted Burman as saying.
A board meeting would take place on Wednesday where a decision would be taken on the stake sale, the report said citing Burman.
Aviva was likely to offer a discount on the face value to Syndicate Bank, the report said, citing a person familiar with the negotiations.
Officials of Syndicate Bank could not be immediately reached for a comment.
Source: Financial Express