Carlyle Group, an international investment company, has acquired 9% stake in India's SBI Life Insurance from BNP Paribas, the French international banking group.
As a result of the acquisition, BNP Paribas Cardif and CA Emerald Investments own 12.8% and 9% of the company. SBI remains the majority shareholder with a 62.1% stake in the company. SBI Life is a joint venture between State Bank of India and BNP Paribas Cardif.
Sunil Kaul, managing director of Carlyle Asia's buyout advisory team, said: "The life insurance industry in India has strong growth potential thanks to favourable demographics and an increasing focus on financial savings.
"SBI is the most trusted brand in financial services, with an unparalleled nationwide branch network and a commitment to providing convenient access to quality financial services to every Indian."
Dinesh Kumar Khara, managing director, global banking and subsidiaries at SBI, said, "We are pleased with the tremendous strides made by SBI Life in establishing its position in the life insurance industry and appreciate the support given by BNP Paribas Cardif in this journey.
"We are also thrilled to welcome Carlyle, with whom we have an existing relationship through SBI Card, and look forward to its support to SBI Life in bolstering its franchise in the country."