CCI approves stake buy in SBI General Insurance by Napean Opportunities, Honey Wheat

The Competition Commission of India (CCI) on Friday said it has approved acquisition of shares in SBI General Insurance by Napean Opportunities LLP and Honey Wheat. The transaction involves acquisition of 16.01 per cent paid-up share capital of SBI General Insurance by Napean Opportunities and 9.99 per cent by Honey Wheat Investment Ltd, the CCI said in two separate statements.

State-owned State Bank of India (SBI) in October said its joint venture partner IAG would sell entire 26 per cent stake in its subsidiary SBI General Insurance to Napean Opportunities and WP Honey Wheat for an undisclosed amount. The country's largest lender and Insurance Australia Group (IAG) held 70 per cent and 26 per cent, respectively, in SBI General Insurance.

"The agreements have been reached with Napean Opportunities LLP (an affiliate of Premji Invest) to acquire a 16.01 per cent interest and WP Honey Wheat Investment Ltd (Warburg Pincus Group) to acquire a 9.99 per cent interest," SBI had said. The Competition Commission of India (CCI) has also approved Sanaka Growth SPV I Ltd's investment in Edelweiss Securities Ltd (ESL).

"The proposed combination relates to investment by Sanaka in ESL and Edelweiss Global Investment Advisory Business (EGIA) subsidiaries of up to INR equivalent to USD 44 million," the CCI said in another release. Sanaka's principal activity is that of investment holding and related activities with the objective to achieve long-term capital appreciation, it added.

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