Jagran Josh Logo

Australia's IAG to raise stake in SBI General Insurance to 49 percent

Mar 31, 2015 16:38 IST

Insurance Australia Group Ltd (IAG) on 26 March 2015 announced that it will raise its stake in SBI General Insurance (SBIGI) from 26 percent to 49 percent.

IAG decided to increase its stake in SBIGI in the backdrop of the Insurance Laws (Amendment) Bill, 2015 which was passed in the Parliament in March 2015. The bill seeks to increase foreign investment limit in local insurers to 49 percent from 26 percent.

SBI General Insurance is a joint venture between the State Bank of India and IAG of Australia. It started operations in 2010. This decision of IAG will lead to dilution of SBI’s 76 percent stake in SBI General Insurance to 51 percent.

 

Is this article important for exams ? Yes47 People Agreed

DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.

Latest Videos

Register to get FREE updates

    All Fields Mandatory
  • (Ex:9123456789)
  • Please Select Your Interest
  • Please specify

  • ajax-loader
  • A verifcation code has been sent to
    your mobile number

    Please enter the verification code below

Newsletter Signup
Follow us on
This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK