Cyril Amarchand Mangaldas has advised U.S. private-equity firm Carlyle Group on its purchase of a 9 percent stake in India’s SBI Life Insurance Ltd from France’s largest-listed bank BNP Paribas, which was counselled by AZB & Partners.

Following this transaction, BNP’s stake in the Indian insurer will be 12.8 percent, while State Bank of India will remain a majority shareholder with a 62.1 percent stake, according to Reuters. It added that the deal amount was estimated at $653 million.

The AZB & Partners team was led by partners Rajendra Barot, Arvind Ramesh and Harsh Maggon.

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