KKR will acquire a 9.99 per cent stake in Shriram General Insurance, according to an official statement. The acquisition is subject to necessary regulatory approvals. “KKR’s investment will position Shriram General Insurance for continued growth in India’s fast-growing general insurance industry,” the company said in a statement.

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The Shriram General Insurance is a joint venture between Shriram Capital, the holding company for Shriram Group’s financial services business, and Sanlam Limited, a leading pan-African financial services group.

The company adopts a customer-centric approach toward business and is focused on nurturing homegrown talent and maximising technology to meet the needs of underserved segments of the economy. KKR’s investment builds on strong tailwinds in the Indian general insurance industry and SGI’s continued expansion into new segments and investment in its digital capabilities to meet the evolving needs and preferences of Indian consumers.

“We are delighted to welcome KKR as our investor and look to benefit from their global insurance expertise, as well as significant experience taking Indian companies to the next level. We look forward to collaborating closely to strengthen Shriram General Insurance’s offerings to Indian consumers and achieve continued success,” said Shriram General Insurance CEO and MD Anil Kumar Aggarwal.

Gaurav Trehan, Partner and CEO of KKR India, said, “Shriram General Insurance has been one of the standout performers in India’s fast-growing general insurance industry and continues to build on its record by developing new capabilities, channels, and products to meet the growing needs of Indian consumers. We are truly excited to work with the Shriram Group and SGI’s high-quality management team to achieve their vision of serving their customers, and look forward to sharing our experience to take the company to new heights.”