AZB & Partners has advised Insurance Australia Group (IAG) on the $439 million sale of its 26 percent stake in India’s SBI General Insurance, represented by Shardul Amarchand Mangaldas, to Premji Invest’s Napean Opportunities and a Warburg Pincus affiliate.

The buyers were counselled by Cyril Amarchand Mangaldas.

Premji Invest and the Warburg Pincus affiliate will buy 16.01 percent and 9.99 percent interests in SBI General, respectively, IAG said in a statement. According to Reuters, IAG had flagged discussions for the sale in August during its annual results, which had missed market expectations due to higher natural disaster claims.

SBI General was established in 2009 as a joint venture with State Bank of India.

The AZB team was led by partners Rajendra Barot and Arvind Ramesh.

 

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