Investments from Honey Wheat and Napean
The Competition Commission of India (CCI) has approved acquisition of shares in SBI General Insurance Company Ltd by Honey Wheat and Napean Opportunities LLP.
The proposed combination relates to the acquisition of around 9.99% of the equity share capital of SBI General Insurance Company Honey Wheat Investment Limited.
Honey Wheat is a part of the Warburg Pincus group, which is stated to have investments over US$79 billion in more than 880 companies, across 40 countries including the United States of America, Canada, Brazil, Austria, Egypt, United Arab Emirates, Germany, the Netherlands, Poland, Spain, Switzerland, United Kingdom, China, Vietnam, Singapore, India and Indonesia.
The proposed combination relates to the acquisition of 16.01% paid up share capital of SBI General Insurance by Napean Opportunities LLP.
The 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. fiinews.com
