Sachin Bansal firm eyes stake in private life company

Mumbai: The Sachin Bansal-promoted Navi Technologies is in talks with promoters of private life insurance companies to acquire a stake. This follows its acquisition of DHFL General Insurance. The group is understood to have held talks with promoters of Future Generali Life Insurance for a possible acquisition. It is also looking at DHFL Pramarica Life Insurance, which is on the block as part of the group’s debt resolution.

It is not clear whether Navi is looking at buying a stake on its own or as part of a consortium. Sector regulator Irdai’s norms now allow private equity companies to come in as promoters.

The Kishore Biyani-promoted Future Group has been in talks to sell its stake in both its life and non-life ventures in a bid to reduce debt. Among potential investors, State Bank of India and Premji Invest are those who have shown interest. Housing finance company DHFL is currently facing insolvency proceedings in the National Companies Law Tribunal.


The group’s subsidiaries are also on the block.Following the sale of Flipkart to Walmart in 2018, co-promoter Sachin Bansal floated BAC Acquisitions, a consumer-centric and technology-driven business in the BFSI space, which was renamed as Navi Technologies in 2019.

Around the same time, the company acquired Chaitanya Microfinance. In January 2020, Navi announced the purchase of DHFL General Insurance from Wadhawan Global Capital for Rs 100 crore. The group had also acquired a tech consultancy firm Maven Hive in a bid to acquire talent to develop tech platforms for providing affordable financial services at a low cost.