PE Fund Investments
KKR to buy 9.99% stake in Shriram General Insurance for Rs.1,800-Cr
US-headquartered PE firm KKR is to acquire a 9.99% stake in Jaipur-headquartered Shriram General Insurance for INR 1,800 crore. Post deal, KKR will have one seat on Shriram General's board. Founded in 2008, Shriram General Insurance is a joint venture between Shriram Capital, the holding company for Chennai-based Shriram Group's financial services business and Africa's Sanlam group. Gross written premium for the general insurer in financial year 2021-22 (FY22) is expected to be more than Rs 1,750 crore. As of the December quarter, it had earned a profit before tax of Rs 619 crore and profit after tax of Rs 467 crore.
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