ICICI Pru Life, HDFC Life, RARE Enterprises in final race to acquire stake in IDBI Federal Life Insurance

ICICI Prudential Life Insurance Company, HDFC Life Insurance Company Ltd, RARE Enterprises are in final race to acquire stake in IDBI Federal Life Insurance.

IDBI Federal Life is still on the block as far as sale of the life insurance entity is concerned. Non-binding bids from three companies – HDFC Life Insurance Company Ltd, ICICI Prudential Life Insurance Company and Rakesh Jhunjhunwala’s private equity firm RARE Enterprises have been selected to acquire 100 percent stake in IDBI Federal Life Insurance.

About 48 percent of IDBI Federal Life Insurance is owned by IDBI Bank, 26 percent is owned by Federal Bank and balance 26 percent is owned by Belgian insurance company, Aegis Insurance. So, all three parts are up on the block and non-binding bids for them have been selected.