State Bank of India has announced the formation of a 74:26 joint venture in general insurance with Insurance Australia Group (IAG). SBI plans to make an investment of Rs 111 crore in SBI General Insurance Company Ltd while the Australian firm will pumping Rs. 542.10 crore at a premium through its subsidiary IAG International Pty. Ltd.
SBI General Insurance is expected to commence commercial operations in the first half of next year depending on the IRDA approval subject to final approvals from Insurance Regulatory and Development Authority.
For more details, please check our previous story.