Piramal Finance will sell its 14.7% stake in Shriram Life Insurance to Sanlam Emerging Markets (Mauritius) for Rs 600 crore ($67 million).
The transaction is expected to close in the quarter ending March 2026, subject to receipt of requisite regulatory approvals, including approval of the Insurance Regulatory and Development Authority of India (IRDAI).
This divestment aligns with Piramal Finance’s strategy to monetize non-core assets, the company said in an exchange filing, adding that it will continue to pursue similar transactions for its remaining non-core assets. The proceeds from the sale are expected to further strengthen its balance sheet.
For the year ended March 2025, Shriram Life contributed Rs 12.7 crore, or 0.12%, to Piramal Finance’s revenue in the form of dividends.
Sanlam Emerging Markets (Mauritius) is a wholly-owned subsidiary of Sanlam Emerging Markets and part of the Sanlam Group, which operates in over 30 countries.
Shriram Life’s net profit declined to Rs 66 crore in FY25 from Rs 138 crore a year ago, even as its premium income rose to Rs 4,216 crore from Rs 3,508 crore.
