The Competition Commission of India (CCI) has granted permission to Napean Opportunities and Honey Wheat Investment to go ahead with the planned stake acquisition in SBI General Insurance Company.
Insurance Australia Group (IAG) agreed to sell its entire 26% stake in SBI General Insurance to Napean Opportunities and Honey Wheat for A$640m ($437m) in October.
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Media reports about IAG planning to divest part of its stake in SBI General Insurance first appeared in January this year.
Following the receipt of the approval, Napean Opportunities will purchase 16.01% paid up share capital of SBI General Insurance. Similarly, Honey Wheat Investment will acquire 9.99% of equity share capital of the general insurer.
Additionally, PI Opportunities Fund-1, which owns Napean Opportunities, will own a 2.35% stake, while Axis New Opportunities AIF-I will hold 1.65% stake in SBI General Insurance.
Following completion of the transaction, IAG’s joint venture partner State Bank of India (SBI) will continue to hold 70% in its general insurance arm.
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By GlobalDataNewly founded entity Napean Opportunities belongs to PI Opportunities and Azim Premji Trust.
SBI General Insurance offers health, home, personal accident, motor, travel, aviation, marine, fire, package, engineering and construction as well as liability insurance products.
Honey Wheat is part of the Warburg Pincus Group that has invested more than $79bn in over 880 companies located in 40 countries across the globe.
