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CCI approves stake sale in India's SBI General Insurance

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CCI approves stake sale in India's SBI General Insurance

The Competition Commission of India approved the acquisition of a 26% stake in SBI General Insurance Co. Ltd. by Honey Wheat Investment Ltd. and Napean Opportunities LLP, The Economic Times reported.

Napean Opportunities, part of PremjiInvest, will acquire a 16.01% stake, while Honey Wheat, affiliate of Warburg Pincus LLC will acquire the other 9.99% interest in the Indian property and casualty insurer.

Insurance Australia Group Ltd., State Bank of India's joint venture partner for SBI General Insurance, announced the tranasction in October.