Bandhan Group and IIFL Finance Limited (NSEI:IIFL) are in the race to acquire Aegon Life Insurance Company Limited from the Aegon N.V. (ENXTAM:AGN) and Bennett Coleman & Co. Ltd., the publisher of Times of India. The life insurance company, which has remained a laggard in the Indian insurance sector, is expected to fetch INR 3.50 billion – INR 4.00 billion through the sale, a source close to the development said.

Aegon group currently holds 49% stake in the company while BCCL owns around 47%. The rest is held by the employees.