The transaction is expected to close in the quarter ending March 31, 2026, subject to receipt of the requisite regulatory approvals, including approval of the Insurance Regulatory and Development Authority of India, Piramal Finance said in a regulatory filing
New Delhi: Piramal Finance on Friday said it has decided to sell its entire 14.72 per cent stake in Shriram Life Insurance Company to South Africa-based Sanlam Group, a joint venture partner in Shriram Life, for Rs 600 crore.
Sanlam Group is the foreign partner in the insurance venture with Shriram Finance.
A share purchase agreement between Piramal Finance and Sanlam Emerging Markets (Mauritius) Limited (SEMM) in this regard was signed on Friday.
The transaction is expected to close in the quarter ending March 31, 2026, subject to receipt of the requisite regulatory approvals, including approval of the Insurance Regulatory and Development Authority of India, Piramal Finance said in a regulatory filing.
The contribution of Shriram Life Insurance Company (SLIC) towards the revenue of the company for the year ended March 31, 2025, was Rs 12.68 crore (0.12 per cent of its revenue) in the form of dividend received, it added.
This transaction is aligned with our focus on monetising non-core assets, and we will continue doing the same for our other residual non-core assets, it said.
The proceeds from the transaction will further strengthen Piramal Finance’s balance sheet.
SEMM, incorporated in Mauritius, is a 100 per cent subsidiary of Sanlam Emerging Markets Pty (Ltd) and is part of the Sanlam Group.
The Sanlam Group is a leading pan-African financial services group headquartered in South Africa, with operations in over 30 countries, including key emerging market economies, such as India.