Temasek, Carmignac said to be in talks for stake in ICICI's insurance unit

Mumbai

ICICI Bank Ltd, India's largest private- sector lender, is in talks to sell part of its stake in an insurance unit to Temasek Holdings and Carmignac Gestion for about US$300 million, sources familiar with the matter said.

The Mumbai-based lender plans to complete an agreement to sell about 5 per cent of ICICI Prudential Life Insurance by the end of March, the sources said, asking not to be identified as the matter is private. The venture, part-owned by Prudential Plc, is India's biggest private-sector life insurer.