South African insurer Sanlam is set to acquire 26 percent stake in India’s Shriram Capital for $266 million, Bloomberg reports. The anticipated investment is about $430.8 million, adds Business Standard. The further funding will come as upstream investment in the insurance business.
Sanlam is looking to spend $441.76 million in excess capital on acquisitions mostly in Africa and India to counter slower growth in South Africa. The company owns money managers, life insurance, and property and casualty cover businesses in South Africa, Nigeria, Kenya and Botswana.
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