New Delhi, July 24 -- BNP Paribas is close to buying Warburg Pincus' stake in a life insurance joint venture with two public sector banks.

Meanwhile, SBI Funds Management is planning a technology-focussed private markets vehicle that will be co-sponsored by 3one4 Capital. Separately, Bira 91 parent B9 Beverages' board and investors have approached corporates, family offices and private equity firms to buy the stake held by promoter Ankur Jain and his family, according to various media reports.

IndiaFirst Life Insurance

French financial services firm BNP Paribas is in advanced discussions to buy out Warburg Pincus' stake in IndiaFirst Life Insurance, a joint venture between Bank of Baroda, Union Bank of India and the US private equity firm, according to a Moneycontrol report.

The deal would mark BNP Paribas' re-entry into India's growing insurance sector. IndiaFirst Life Insurance is owned by Bank of Baroda (65%), Union Bank of India (9%), and the US investment major (26%).

The negotiations are in the final stages and an agreement could be reached within a week to 10 days, the report said, citing people familiar with the matter. BNP Paribas plans to acquire Warburg Pincus' 26% stake, giving the PE firm an exit after eight years.

The proposed transaction is expected to value IndiaFirst Life Insurance at around $800 million (Rs 7,715 crore).

SBI Funds

SBI Funds Management Ltd is planning its first technology-focussed private markets fund, according to a Bloomberg report, citing people familiar with the matter. The $200 million fund will be co-sponsored with venture capital firm 3one4 Capital Management.

SBI Funds and 3one4 are awaiting regulatory approval from the Securities and Exchange Board of India (SEBI) before rolling out the fund.

Bira 91

B9 Beverages' board and investors, led by Anicut Capital, have approached family offices, corporates and private equity firms to buy founder Ankur Jain and his family's 17.8% stake in the company, according to The Economic Times.

The board is also looking to raise an initial Rs 500 crore ($51.8 million) to restart operations and revive the Bira 91 craft beer brand.

Those approached include Ravi Jaipuria-owned Varun Beverages, the Burman Family Office, Simba Craft Beer, DS Group (which owns the Le Marche retail chain), Muthoot Family Office, Sunil Munjal's Hero Corp, and the Murugappa Group, the report said, citing people familiar with the matter. A founder of a homegrown private equity firm has also been tapped.

Any potential deal will hinge on clearing several litigations and liabilities, including employee salaries, the report said. Any potential deal structure will require a complete clean-up of B9 Beverages' books, it added.

Published by HT Digital Content Services with permission from VC Circle.