Warburg Pincus in talks to sell stake in India's SBI General Insurance, Bloomberg News reports

As per the Bloomberg report, the transaction could value SBI General Insurance at as much as $4.5 billion

The logo of State Bank of India (SBI) is seen on the facade of its headquarters in Mumbai, India, April 12, 2023 / REUTERS/Niharika Kulkarni

U.S.based private equity firm Warburg Pincus is in talks to sell its stake in State Bank of India’s general insurance unit, Bloomberg News reported on June 23, citing people familiar with the matter.

Warburg Pincus is negotiating with Premji Invest, the investment unit of Indian billionaire Azim Premji, and SBI, the country’s largest lender, to divest its 10 percent stake in SBI General Insurance, the report said.

The transaction could value SBI General Insurance at as much as $4.5 billion, Bloomberg News reported.

Reuters could not independently verify the report. Premji Invest and SBI did not immediately respond to Reuters' request for comment, while Warburg declined to comment.

Premji Invest and a Warburg Pincus affiliate bought stakes of 16.01 percent and approximately 10 percent, respectively, in SBI General in 2019, in a deal worth $432.38 million.

SBI currently owns about 70 percent of SBI General Insurance.

Comments

This is a Premium Article, available exclusively to our subscribers.

Read 500+ such News or articles every month by subscribing today!
Monthly

Free

Limited Access

Limited View

Free weekly E-Paper

Subscribe Now
Monthly

$10

Full Access

Unlimited View

Free weekly E-Paper

Free daily newsletter

Subscribe Now
Annual

$50

Full Access

Unlimited View

Free weekly E-Paper

Free daily newsletter

Subscribe Now
Start the conversation

Become a member of New India Abroad to start commenting.

Sign Up Now

Already have an account? Login