In a reshaping of its
interest in India, South Africa’s second-largest life insurer,
Sanlam, is to sell its 26% stakes in Shriram Life Insurance and
Shriram General Insurance to its joint venture partner, Shriram
Capital.
The sales were prompted by
Sanlam’s pending acquisition of a 26% direct stake in Shriram
Capital, a move that would have increased its stakes in the two
insurance ventures to over the 26% maximum foreign interest
permitted in Indian insurers.
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While the sell prices of
Shriram Life and Shriram General have not been disclosed, Sanlam
has announced that its investment in Shriram Capital will amount to
INR12.44bn ($235m).
Sanlam CEO Johan van Zyl
commented that switching from the insurance ventures to Shriram
Capital is in line with Sanlam’s strategy of diversifying across a
broader range of financial services.
In addition to the two
insurance companies, Shriram Capital is active in asset financing,
stock broking, asset management and consumer finance.
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