Warburg's SBI Gen bet set to double

Global private equity firm Warburg Pincus is looking to sell its 10% stake in SBI General Insurance in a deal expected to fetch it more than double the value of its six-year-old investment, two people with knowledge of the development said.

- Ranjani Raghavan & Sneha Shah

MUMBAI:

The sale is likely to fetch the US-based Warburg Pincus about $350 million, they said.

Warburg Pincus and Premji Invest, the family office of Wipro Ltd's founder Azim Premji, bought a 26% stake in SBI General Insurance for $432.38 million in 2019, valuing the insurer at $1.66 billion.

They had acquired the stake from Insurance Australia Group Ltd, which had formed SBI General Insurance as a joint venture with State Bank of India (SBI) in 2010.