IAG to sell stake in Indian general insurer

Posted On: Oct. 17, 2019 5:59 AM CST

Insurance Australia Group Ltd. plans to sell its 26% stake in India-based SBI General Insurance Co. Ltd. for 35 billion Indian rupees ($490 million), Money Control reports citing sources. IAG will sell its shares to India-based investment firm Premji Invest Ltd. and U.S.-based equity firm Warburg Pincus LLC.