KKR, Temasek eye stake in SBI General; Tiger Global to pick up dealmaking pace
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Private equity firm KKR, Singapore state investment firm Temasek and Canada Pension Plan Investment Board have shown interest in the proposed 4% stake sale in SBI General Insurance Company Ltd, Mint reported.

Citing a person aware of the development, the report said State Bank of India is expecting bids in the range of Rs 400-600 crore but the final figure may vary.

Last month, State Bank of India said in a stock exchange filing that it had received approval to initiate a process to sell up to 4% stake in SBI General.

The stake sale is for price discovery ahead of a planned initial public offering by the end of the fiscal year, the Mint report said.

Kotak Investment Banking has the mandate to conduct the sale process, the report added.

SBI General is a joint venture between State Bank of India (74%) and Insurance Australia Group (26%). It commenced operations in 2010. Its gross written premium grew 36% to Rs 3,553 crore in 2017-18.

In another development, The Economic Times reported that New York-based investment firm Tiger Global Management is looking to become more active in India after a period of slowing down on investments in startups.

Citing a person aware of the development, the report said Tiger Global is set to make more investments in the country from a new $3 billion fund which is likely to close in the next few weeks. The new fund is christened as Tiger Global Private Investment Partners XI.

Tiger Global is now setting its eyes on growth-stage companies which have valuations of $200-250 million, the report said.

Separately, The Economic Times reported that private equity firms Blackstone and TPG Capital are in advanced discussions to pick up a stake in the loyalty rewards programme of cash-starved Jet Airways India Ltd.

Citing people aware of the development, the report said investment bank Moelis & Co has the mandate to manage the stake sale in Jet Privilege.

Jet Airways owns Jet Privilege with Abu Dhabi-based Etihad Airways. Etihad owns a 50.1% stake and Jet holds the remaining. 

Etihad picked up the stake for $150 million in 2013. Etihad also holds a 24% stake in Jet Airways.

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