HONG KONG/MUMBAI Aug 5 Aviva PLC is
planning to pull out of its Indian insurance joint venture,
valued at more than $500 million, as the British insurer
retreats from less-profitable markets where it has struggled to
grow its business, sources said.
Aviva is in the process of hiring corporate advisors to find
buyers for its 26 percent stake in Aviva Life, its venture with
Dabur Group, which owns personal care and food products
manufacturer Dabur India Ltd.
Aviva is considering various options, including the sale of
its stake to Dabur Group if it fails to find a foreign insurer
to buy it, one of the sources said.
The sources declined to be identified due to the
confidential nature of the matter.
Aviva declined to comment. Mohit Burman, a director of Aviva
Life who represents Dabur Group, was not immediately available