Warburg Pincus is in
talks with Premji Invest and State Bank of India about selling them its s
take of about 10% in SBI General Insurance Co., according to people
familiar with the matter.
The firm is finalizing details of an agreement with Premji Invest — th
e family office of Wipro Ltd. founder Azim Premji — and State Bank of In
dia, the people said, ask
ing not to be identified because the talks are private. A transaction c
ould value SBI General Insurance at as much as $4.5 billion, the peo
le said. (Editor’s note: Warburg Pincus is a private equity firm.)
Discussions are ongoing and no final decision has been made, the people said.
Warburg Pincus declined to comment. Premji Invest and State Bank of India didn’t respond to requests for comment.
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Premji Invest and New York-based Warburg Pincus agreed to buy 16.01% and 9.99% of SBI General Insurance,
respectively, in 2019 from Insurance Australia Group Ltd., in a transaction that was completed in 2020.
Based in Mumbai, SBI General Insurance was established in 2009 a
nd offers non-life insurance products including health, motoring, home and travel, according to its website. State Bank of India owns around 70% in the company.