Shriram Group eyes onboarding new investors for Insurance Business
- ByTejika Bajaj | December 31, 2021
The Shriram Group has recently revealed its plans to onboard new investors for its life and general insurance business. The company revealed that it plans to bring KKR as a new investor for its insurance business.
In its official statement, the Shriram Group expressed that the insurance business would be a major focus segment for the group in the coming decade and that an investment in the same would allow the group to increase the shareholding of the segment.
Talking about the plans of the giant, the Managing Director, Transport and Finance Company of Shriram Group, Umesh Revankar said, “Both our general and life insurance companies are doing well and are profitable. They don’t need any capital per se. But what we felt was bringing in new investors will enable price discovery of the business, and if we go for listing, having a private equity investor will help.”
Initiated with a muted capital of INR 250 crore, the Shriram General Insurance Company is headquartered in Jaipur and has disbursed more than INR 1000 crore worth dividend within the past ten years to its investors. As of now, the company has an investor portfolio of Shriram Capital which holds 76.63 per cent of the stake, Sanlam Emerging Markets Ltd holding 22.92 per cent stake and the remaining is held by the public.
Sources reveal that the group is likely to finalize the deal of onboarding KKR as an investor for the insurance segment in the coming days.
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