Money & Banking

CCI nod for Napean, Warburg Pincus stake buy in SBI General Insurance

Our Bureau New Delhi | Updated on December 13, 2019 Published on December 13, 2019

Also approves $44-m investments by Sanaka Growth in Edelweiss Securities

The Competition Commission of India (CCI) has given its nod for Napean Opportunities LLP (Napean) to acquire 16.01 per cent stake in SBI General Insurance Company Ltd (SBI General Insurance). The competition watchdog also approved Warburg Pincus Group-owned Honey Wheat Investment’s proposal to acquire around 9.99 per cent stake in SBI General Insurance.

Napean is a newly-incorporated entity and belongs to PI Opportunities Fund – I and Azim Premji Trust.

SBI General Insurance is engaged in the business of providing general insurance products in India. The insurance products offered include motor, health, personal accident, travel, home, aviation, fire, marine, package, construction and engineering and liability insurance.

Edelweiss Securities

The CCI has also approved Sanaka Growth SPV I Ltd (Sanaka) investment in Edelweiss Securities Ltd (ESL).

The proposed combination relates to investment by Sanaka in ESL and Edelweiss Global Investment Advisory Business (EGIA) Subsidiaries of up to $44 million.

Sanaka is incorporated under the laws of Mauritius. Its principle activity is that of investment holding and related activities with the objective to achieve long-term capital appreciation.

The target entities belong to the Edelweiss Group, with Edelweiss Financial Services Limited as the ultimate holding company, are broadly engaged in the Edelweiss Global Investment Advisory Business.

Published on December 13, 2019
This article is closed for comments.
Please Email the Editor