Global investment firm Carlyle Group on Friday said it acquired a 9 percent stake in SBI Life Insurance Company from BNP Paribas Cardif.
Following the transaction, BNP Paribas Cardif's stake in SBI Life dropped to 12.8 percent from 22 percent earlier. SBI remained the majority shareholder with a 62.1 percent stake in the company.
BNP Paribas Cardif formed the life insurance joint venture with state-run lender SBI in 2001.
“The life insurance industry in India has strong growth potential thanks to favorable demographics and an increasing focus on financial savings. SBI, which has an unparallel nationwide branch network, is well-positioned to further benefit from industry trends," Sunil Kaul, managing director of the Carlyle Asia Buyout advisory team, said in a statement.
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