Warburg Pincus in talks to sell stake in SBI General Insurance, Bloomberg News reports
June 23 (Reuters) - U.S.-based private equity firm Warburg Pincus is in talks to sell its stake in State Bank of India's (SBI.NS), opens new tab general insurance arm, Bloomberg News reported on Monday, citing people familiar with the matter.
Warburg Pincus is negotiating with Premji Invest, the investment unit of Indian billionaire Azim Premji, and SBI, the country's largest lender, to divest its 10% stake in SBI General Insurance (SBIR.NS), opens new tab, the report said.
The transaction could value SBI General Insurance at as much as $4.5 billion, Bloomberg News reported.
Reuters could not independently verify the report. Warburg Pincus, Premji Invest, and SBI did not immediately respond to Reuters' request for comment.
Premji Invest and a Warburg Pincus affiliate bought 16.01% and 9.99% interests in SBI General, respectively, in 2019, in a deal worth $432.38 million.
State Bank of India currently owns about 70% of SBI General Insurance.
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