You are here: Home » Companies » News
Business Standard

Warburg in lead to buy part of Watsa's ICICI Lombard stake

Stake of slightly more than 25% valued at about $1billion

Scott Deveau Anto Antony & George Smith Alexander  |  Toronto/Mumbai/New York 

Fairfax Financial Holdings, Prem Watsa, Fairfax, Watsa
Fairfax Financial Holdings Chairman and CEO Prem Watsa

Pincus is the frontrunner to acquire a minority stake in Indian insurer General Insurance Co from Prem Watsa’s Financial Holdings, according to people familiar with the matter.

Toronto-based Fairfax, which owns 35 per cent of ICICI Lombard, is looking to sell a little more than a quarter of the company for as much as $1 billion, said the people, who asked not to be identified because the matter is private. needs to shrink its holding to appease regulators as it looks to launch a new joint venture in the country, the people said.

was selected alongside Group LP and Singapore's Holdings Pte to submit final bids for the stake last month, they said. Talks between and are ongoing and may still fall apart, they said.

is a joint venture formed in 2001 between ICICI Bank and

Representatives for Carlyle, Temasek, ICICI Bank and Pincus declined to comment. Representatives for didn't respond to requests for comment.

is launching a new general insurance venture in India with Kamesh Goyal, a former executive at German insurer Allianz SE, the people said, and aims to hold 45 per cent of the new venture. To push forward with that plan, it must own less than 10 per cent of under Indian regulations, one of the people said.

India

Hyderabad-born has been active in India, launching an investment vehicle, India Holdings Corp, two years ago to target acquisitions in the country. India has made several acquisitions, including a minority stake in the Bangalore International Airport last March.

The stake would be the largest investment for New York-based Pincus in India, according to data compiled by Bloomberg. In 2015, it acquired a stake in Piramal Realty Pvt for about $283 million, the data show.

Bloomberg

RECOMMENDED FOR YOU

Warburg in lead to buy part of Watsa's ICICI Lombard stake

Stake of slightly more than 25% valued at about $1billion

Stake of slightly more than 25% valued at about $1billion
Pincus is the frontrunner to acquire a minority stake in Indian insurer General Insurance Co from Prem Watsa’s Financial Holdings, according to people familiar with the matter.

Toronto-based Fairfax, which owns 35 per cent of ICICI Lombard, is looking to sell a little more than a quarter of the company for as much as $1 billion, said the people, who asked not to be identified because the matter is private. needs to shrink its holding to appease regulators as it looks to launch a new joint venture in the country, the people said.

was selected alongside Group LP and Singapore's Holdings Pte to submit final bids for the stake last month, they said. Talks between and are ongoing and may still fall apart, they said.

is a joint venture formed in 2001 between ICICI Bank and

Representatives for Carlyle, Temasek, ICICI Bank and Pincus declined to comment. Representatives for didn't respond to requests for comment.

is launching a new general insurance venture in India with Kamesh Goyal, a former executive at German insurer Allianz SE, the people said, and aims to hold 45 per cent of the new venture. To push forward with that plan, it must own less than 10 per cent of under Indian regulations, one of the people said.

India

Hyderabad-born has been active in India, launching an investment vehicle, India Holdings Corp, two years ago to target acquisitions in the country. India has made several acquisitions, including a minority stake in the Bangalore International Airport last March.

The stake would be the largest investment for New York-based Pincus in India, according to data compiled by Bloomberg. In 2015, it acquired a stake in Piramal Realty Pvt for about $283 million, the data show.

Bloomberg

image
Business Standard
177 22

Warburg in lead to buy part of Watsa's ICICI Lombard stake

Stake of slightly more than 25% valued at about $1billion

Pincus is the frontrunner to acquire a minority stake in Indian insurer General Insurance Co from Prem Watsa’s Financial Holdings, according to people familiar with the matter.

Toronto-based Fairfax, which owns 35 per cent of ICICI Lombard, is looking to sell a little more than a quarter of the company for as much as $1 billion, said the people, who asked not to be identified because the matter is private. needs to shrink its holding to appease regulators as it looks to launch a new joint venture in the country, the people said.

was selected alongside Group LP and Singapore's Holdings Pte to submit final bids for the stake last month, they said. Talks between and are ongoing and may still fall apart, they said.

is a joint venture formed in 2001 between ICICI Bank and

Representatives for Carlyle, Temasek, ICICI Bank and Pincus declined to comment. Representatives for didn't respond to requests for comment.

is launching a new general insurance venture in India with Kamesh Goyal, a former executive at German insurer Allianz SE, the people said, and aims to hold 45 per cent of the new venture. To push forward with that plan, it must own less than 10 per cent of under Indian regulations, one of the people said.

India

Hyderabad-born has been active in India, launching an investment vehicle, India Holdings Corp, two years ago to target acquisitions in the country. India has made several acquisitions, including a minority stake in the Bangalore International Airport last March.

The stake would be the largest investment for New York-based Pincus in India, according to data compiled by Bloomberg. In 2015, it acquired a stake in Piramal Realty Pvt for about $283 million, the data show.

Bloomberg

image
Business Standard
177 22