(Reuters) -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 Monday, 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 […]
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Warburg Pincus in talks to sell stake in India’s SBI General Insurance, Bloomberg News reports
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(Reuters) -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 Monday, 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% 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% and approximately 10%, respectively, in SBI General in 2019, in a deal worth $432.38 million.
SBI currently owns about 70% of SBI General Insurance.
(Reporting by Manvi Pant in Bengaluru; Editing by Sonia Cheema and Tasim Zahid)