Ergo International AG and Manulife Financial Corporation (TSX:MFC) are reportedly looking to acquire 26% stake in IndiaFirst Life Insurance Company Limited from Legal & General Group Plc (LSE:LGEN). Ergo International AG and Manulife Financial Corp. have started separate discussions to acquire a 26% stake in IndiaFirst Life Insurance Co.

Ltd, according to two people aware of the development. Legal & General Group Plc plans to sell its 26% stake in IndiaFirst Life Insurance, and has hired investment bank Ambit Corporate Finance Pvt. Ltd to find a buyer for it.

"The discussions are at initial stages and no conclusions were made over the valuation of the insurance firm," said one of the two people on condition of anonymity. None of the other investors plan to sell their stakes in the insurer, he added.