Max to sell additional stake to New York Life

 
“It is clearly agreed and understood between New York Life and us that Max India will sell, subject to FDI guidelines, a 23 per cent stake in Max New York Life to NYL,” said Max India Chairman Analjit Singh.

In anticipation of change in the FDI guidelinessome preliminary discussions have started and there is interest from NYL, he said.Currently, NYL holds 26 per cent in Max New York Life. Last year, Max India restructured its joint venture arrangements with its foreign partner giving right to NYL to increase its shareholding in life insurance venture by up to 24 per cent of the issued and paid-up capital.