Global investment firm KKR announced Monday that it will acquire a 9.99% stake in Shriram General Insurance Co. at a valuation of about 1,800 crore. A definitive agreement has been signed between the two companies and the transaction is subject to receipt of necessary regulatory approvals, KKR said in a statement.
Company executives at Shriram said that Shriram General Insurance was valued at 18,000 crore and 10% of that accounted for 1,800 crore. After the acquisition, Shriram Group will hold 67.09% and Sanlam 22.92% respectively.
“We are delighted to welcome KKR as our investor and look forward to benefiting from their global insurance expertise as well as their significant experience in taking Indian businesses to the next level,” said Anil Kumar Aggarwal, MD & CEO, Shriram General Insurance.
“Shriram General Insurance is one of the standout performers in India’s fast-growing general insurance industry and continues to build on its track record by developing new capabilities, channels and products to meet the growing needs of Indian consumers,” said Gaurav Trehan, Partner and CEO, KKR India.