An Australian insurance giant’s decision to exit its joint venture with India’s largest lender has prompted two Swiss companies to examine a bid to invest in the Indian general insurance business.
Insurance Australia Group (IAG) owns 26% of Mumbai-based SBI General Insurance while State Bank of India (SBI) holds 74% of the business.
The business has also been offered to private equity firms Apax, Blackstone, and Warburg Pincus, as well as to two of the world’s largest state investment funds, Abu Dhabi Investment Authority and Temasek.