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Blackstone in Talks to Buy Stake in Indian Insurance Firm

Five private equity investors including Blackstone and Singapore state investment firm Temasek are in talks with India's state-owned Life Insurance Corp (LIC) to buy a 15 percent stake in its proposed credit card venture, the Business Standard said on Sunday.

The other private equity companies are JC Flower, Fortress and 3i Group, the paper quoted a senior LIC official as saying.

LIC has already signed a memorandum of understanding with its partner GE Money and an agreement is likely to be finalised by the end of October, the paper said. LIC will hold a 40 percent stake in the venture while GE Money will own a 30 percent stake.

Corporation Bank, LIC Housing Finance and LIC Mutual Fund will own a 5 percent stake each, the paper said.

Industry sources said the Carlyle Group had also shown interest in buying a stake in the venture.