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Aviva shortlists 3 for stake sale

Insurance company Aviva has shortlisted Birla Sun Life Insurance, HDFC Life Insurance and Max Life Insurance to sell its 26% stake in the Indian insurance joint venture Aviva India, which has made little headway since starting operations a decade ago. The other partner in the JV, the Burmans of Dabur, may also sell their stake because the family feels the investment has been underperforming. The three shortlisted companies, which are among six that had initially bid for the stake, are interested in buying the entire business, and not just the 26% that Aviva holds. The company had appointed JPMorgan and Deutsche Bank to manage the share sale. Aviva India sells insurance through IndusInd Bank, RBS and Punjab & Sind Bank as well as more than 30 cooperative banks and regional rural banks. It has a distribution network of 134 branches.

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