Piramal Healthcare in discussion to acquire stake in ING Life

Piramal Healthcare, country’s largest drug maker is in discussion to buy Enam Financial's stake in ING Life Insurance. The insurance company, in which Indian battery maker Exide Industries and retired investment banker Hemendra Kothari hold stakes, valued at Rs 2,400 crore ($539.39 million) approx., a 45% premium to what Kothari paid in 2010.

The company required the Reserve Bank of India's permission to incorporate a financial services company that may lend to infrastructure projects, among other activities in the financial services sector. The entity will be buying stakes in insurance ventures-where foreign holding is capped at 26%-possibly with an aim to sell when foreigners are allowed to buy more in the ventures. The possibility of listing is another attraction that may provide liquidity and boost valuations further.