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State Bank of India may take some more time to trim stake in its life and non-life insurance subsidiaries.
“We have already said we will divest stake in life and non-life insurance subsidiaries. But it will take a little time. This is not something which will happen immediately,” said SBI Chairman Arundhati Bhattacharya on Thursday on the sidelines of the India Investment Summit 2016.
SBI has already announced plans to lower its holding in SBI Life Insurance and SBI General Insurance. The bank holds 74 per cent stake each in the companies while the joint venture partner holds the remaining 26 per cent.
The public sector lender could sell up to 10 per cent stake in SBI Life and about 23 per cent in its general insurance subsidiary.
“As per IRDAI, the shareholders agreement needs to be amended in both of these; so those are the jobs getting done..,” she said.
Meanwhile, addressing the inaugural session of the two-day summit, Bhattacharya said that India is one of the few bright spots in the global economy. The summit will showcase huge investment opportunities in India’s infrastructure sector, she added.
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