Sanlam ups holding in Shriram group insurance arms to over 50%

MUMBAI: The South African financial services major Sanlam Group, which has a joint venture with the Chennai based Shirram group for its insurance ventures, has bought out the stake held by PE major TPG in the both the general and life insurance entities for an undisclosed sum, thus increasing its holding in these companies to over 50 percent.

In a statement Friday, Sanalm said its wholly-owned subsidiary Sanlam Emerging Markets Mauritius, has agreed to buy the stakes that TPG India Investments has been holding in the insurance verticals of the Shriram group.

TPG held 6.29 percent in Shriram General Insurance and 7.04 percent in Shriram Life. TPG entered the Shriram Group holding firm Shriram Capital in 2011 by investing Rs 795 crore. But after the merger of the finance verticals of the group, the PE got these stake being sold now in these two entities, a company source told the New Indian Express.