Max Life Insurance and Exide Life Insurance have been shortlisted to buy a stake in IDBI Federal Life Insurance. IDBI Federal Life Insurance has a valuation of more than Rs 6000 crore. The sale may bring in around Rs 3000 crore to the stressed IDBI Bank, which is in the process of selling non-core assets. The bank owns 48% stake in the company and is expected to sell the entire holding. The other shareholder in the insurance venture are Federal Bank and Belgian insurance company Ageas having 26% holding each. The sale process had attracted insurers such as Kotak Life and Birla Sun Life besides Max Life Insurance and Exide Life Insurance.
