Insurance Australia Group (IAG) has sold a 26 percent stake in India’s SBI General Insurance (SBI) to Premji Invest’s Napean Opportunities and a Warburg Pincus affiliate. The sale is valued at $439 million and expected to be completed by the end of June 2020.

Napean Opportunities will buy 16 percent and the Warburg Pincus affiliate will purchase the remaining 9.99 percent.

AZB & Partners acted for IAG, Shardul Amarchand Mangaldas represented SBI and Cyril Amarchand Mangaldas advised the buyers.

Established in 2009, SBI General is a joint venture with the State Bank of India, which owns 70 percent of the insurance company.