KKR will acquire a 10% stake in Shriram General Insurance

Investment company KKR will acquire around a 10% stake in Shriram General Insurance Company. Shriram General Insurance (SGI) is backed by Shriram Group and pan-African financial services group Sanlam. On Monday, Shriram General Insurance (SGI) informed that agreements were signed between KKR, SGI, and Sanlam. Under this deal, KKR will acquire a 9.99 percent stake in SGI. However, the amount at which KKR will acquire this stake is not been disclosed.

This deal is subject to necessary regulatory approvals. This investment will boost SGI's growth in India's fast-growing general insurance industry. Managing Director and CEO of SGI, Anil Kumar Aggarwal, SGI aims to receive benefit from KKR's global insurance expertise as well as its rich and extensive experience. Mr. Aggarwal said: ''We look forward to collaborating closely to strengthen Shriram General Insurance's offerings to Indian consumers and achieve continued success.”

Partner and CEO of KKR India, Gaurav Trehan at this deal told, that SGI has been a leader in India's fast-growing general insurance industry. KKR has made investments in many companies such as HDFC, SBI Life Insurance, Max Life (through Max Financial Services), and Five-Star Business Finance.