State Bank of India announced that Insurance Australia Group (IAG) its joint venture partner in SBI General Insurance Company (SBIG) has entered into definitive agreements to sell the whole of its 26% interest in SBI General via two transactions. Currently, SBI and IAG own 70% and 26% respectively in SBIG.
The Agreements have been reached with Napean Opportunities LLP (an affiliate of Premji
lnvest) to acquire a 16.01% interest and WP Honey Wheat lnvestment (Warburg
Pincus Group) to acquire a 9.99% interest. The transactions are subject to regulatory
processes and approvals.