State Bank of India (SBI) plans to sell a partial stake in its life and general insurance businesses.

The government-owned lender has a 74% stake in SBI General Insurance, with IAG holding the remaining 26%.

SBI Chairman Arundhati Bhattacharya says discussions with joint venture partners are already under way.

An IAG spokesman has confirmed the insurer’s interest in increasing its stake, but says the way is not yet clear for that to happen.

India’s long-awaited Insurance Bill will allow foreign businesses to buy up to 49% of insurance companies in the country, but the process of bringing it into law is not complete.