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Report: Front-runners emerge for IAG's stake in India's SBI General Insurance

Private equity company Warburg Pincus LLC and PremjiInvest have entered advanced negotiations to jointly acquire Insurance Australia Group Ltd.'s 26% stake in India-based SBI General Insurance Co. Ltd., Moneycontrol reported, citing sources.

A deal is expected to be struck in about a week, with a formal announcement also anticipated shortly, a source said. PremjiInvest may acquire the larger stake and is likely to be given a seat on the board, according to another source. PremjiInvest is the family office of Wipro founder Azim Premji.

Goldman Sachs is running the auction of the stake. An IAG spokesperson confirmed that discussions for the company's stake in SBI General Insurance are in an advanced stage, but did not name the bidders. The spokesperson added that one or more transactions may be completed.

SBI General Insurance is a joint venture between IAG and the State Bank of India, which owns the remaining 74% of the insurer.