KKR Takes 9.99% Stake in India's Shriram General Insurance

   By Yongchang Chin 
 

U.S. private-equity firm KKR & Co. is taking a 9.99% stake in India's Shriram General Insurance Co., a move that KKR said will help the insurance provider grow in India's fast-expanding general insurance industry.

"Shriram General Insurance has been one of the standout performers in India's fast-growing general insurance industry," KKR India Chief Executive Gaurav Trehan said Monday.

Shriram General Insurance is a joint venture between Shriram Capital, the holding company for Shriram Group's financial-services business, and Sanlam Ltd., a pan-African financial-services company.

"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 capabilities to meet the evolving needs and preferences of Indian consumers," the company said.

Other investments by KKR in the sector include Housing Development Finance Corp. and SBI Life Insurance, it said. Since setting up its Mumbai office in 2009, KKR has made more than 20 investments in India with more than a dozen active portfolio companies currently, KKR said.

Write to Yongchang Chin at [e-mail]

(END) Dow Jones Newswires

April 11, 2022 05:19 ET (09:19 GMT)

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