Global investment major KKR & Co has entered right into a definitive agreement to acquire a 9.99 per cent stake in Shriram General Insurance (SGI) for about Rs 1,800 crore. The stake is currently owned by Shriram Capital.
“KKR’s investment will position Shriram General Insurance for continued growth in India’s fast-growing general insurance industry,” the insurer said in a statement. The agreement awaits regulatory approvals. SGI was valued at around Rs 18,000 crore. There will be one representation from KKR on Shriram General’s board post the consummation of the offer.
KKR’s investment builds on strong tailwinds in the Indian general insurance industry and SGI’s continued expansion into new segments and investment in its digital capacities to meet the evolving needs and preferences of Indian consumers, the statement added.