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April 12, 2022

KKR to buy 9.99% stake in Shriram General Insurance

Investment firm KKR has struck a deal worth $236.5m (INR18bn) to purchase a 9.99% interest in India’s Shriram General Insurance Company (SGI).

The transaction, which awaits regulatory nod, valued SGI at around INR180bn.

SGI is a joint venture between Shriram Capital and pan-African financial services group Sanlam.

The general insurance company, set up in 2008, provides motor, travel, home and personal accident services in the retail space.

It also provides fire, engineering, as well as marine insurance in the corporate space. 

The company has a workforce of 3,083 and 203 branches in 26 states/union territories.

Commenting on the deal, KKR India partner and CEO Gaurav Trehan said: “Shriram General Insurance has been one of the standout performers in India’s fast-growing general insurance industry, and continues to build on their record by developing new capabilities, channels, and products to meet the growing needs of Indian consumers.”

KKR has made over 20 investments in the Indian market since its Mumbai office launch in 2009.

This includes investments in Housing Development Finance Corporation, SBI Life Insurance, among others.  

The latest transaction is said to build on “strong tailwinds” in the general insurance space in India.

It comes amid SGI’s entry into new segments and digital investments.

SGI managing director and CEO Anil Kumar Aggarwal said: “We are delighted to welcome KKR as our investor, and look to benefit from their global insurance expertise, as well as significant experience taking Indian companies to the next level.”

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