Warburg Pinks in negotiations to sell stake in SBI General Insurance: Report

The US -based private equity company Warberg Pinks State Bank is in discussions to sell its stake in the General Insurance Unit of India for India, Bloomberg News has reported on Monday quoting people familiar with the matter.

According to the report, the ARB is negotiating with the Indian billionaire Azim Premji and the country’s largest NDER -based investment unit, Premji Invest, for the 10% stake in SBI General Insurance.

The Bloomberg News report states that the transaction is Billion to SBI’s general insurance. Billion can value billion dollars.

Reuters could not verify the report independently. Premji Invest and SBI did not respond immediately to the request for Reuters’ comment, while Warberg refused to comment.

Premji Invest and VRB Rubrg Pinx Ephiliate bought 16.01% and about 10% of the SBI General in 2019, respectively, which is 2 432.38 million in the deal.

SBI currently owns about 70% of SBI normal insurance.