Max Financial Services, led by billionaire Analjit Singh, is raising money to finance a potential acquisition by its life insurance unit Max Life Insurance Co. Ltd.Mumbai: Global private equity (PE) firms Blackstone Group LP and Warburg Pincus Llc are in separate talks to invest in Max Financial Services Ltd for a minority stake, two people close to the development said. Max Financial Services, led by billionaire Analjit Singh, is raising money to finance a potential acquisition by its life insurance unit Max Life Insurance Co. Ltd.Mails sent to Blackstone and Warburg Pincus were not answered till press time. On 10 April, Max Financial had said its board has approved mobilisation of funds from KKR Capital Markets India Pvt. While IDBI Bank holds 48% stake in IDBI Federal Life, both Federal Bank and Belgian life insurer Ageas SA/NV hold 26% each. Other firms that have been eyeing IDBI Federal Life include Tata AIA Life Insurance Co. Ltd, Kotak Mahindra Life Insurance Co. Ltd, Aditya Birla Sun Life Insurance Co. Ltd and Exide Life Insurance Co. Ltd.deborshi.c@livemint.com

Source: Mint May 10, 2018 02:48 UTC