Mumbai, Oct. 25 -- Insurance Australia Group Ltd (IAG) on Thursday, 17 October, said it has agreed to sell its entire 26% stake in SBI General Insurance (SBIG) to Warburg Pincus and Premji Invest for $432.38 million.
While Premji Invest has agreed to acquire 16% in the general insurer, Warburg Pincus plans to buy the remaining 10%. The transaction, subject to regulatory approvals, is expected to be completed by 30 June 2020.
"With our sharpened focus on our core territories of Australia and New Zealand, now is the right time for IAG to exit its investment in SBIG," said Peter Harmer, managing director and chief executive officer of IAG. "IAG has enjoyed a strong and successful relationship with State Bank of India since establishing the S...