Tata Sons eyes stake in AIG Asia unit-Sources

Tata Sons eyes stake in AIG Asia unit-Sources
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First Published: Fri, Oct 17 2008. 11 07 AM IST
Updated: Fri, Oct 17 2008. 11 07 AM IST
Hong Kong/ Mumbai: Tata Sons has been in talks to buy a stake in AIA, a major Asian unit of American International Group, according to sources close to the matter, as the US insurance giant seeks to sell assets after nearly collapsing last month.
“Tata Sons, the holding firm of India’s second-largest conglomerate, may pursue a variety of options, including taking a 49% stake in the unit, known as American International Assurance Company Ltd. (AIA),” sources said.
One banker not involved in the process said that AIA, AIG’s Singapore-based wholly owned subsidiary, is a $20 billion to $25 billion business.
But sources close to the matter cautioned that talks were at an early stage, and it was not yet clear if Tata would pursue the stake, or any other parts of the business.
AIG declined to comment. Tata did not respond to a request seeking comment.
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First Published: Fri, Oct 17 2008. 11 07 AM IST