SBI eyes IPO of general insurance biz next fiscal
State Bank of India (SBI) has said it may look at taking the general insurance business public next fiscal, ruling out any such move in 2017-18. SBI General Insurance Co Ltd is a joint venture between SBI and Insurance Australia Group Ltd (IAG). While SBI holds 74% stake in the joint venture, the rest is with IAG. “It has reported profit in 2016-17 and we will wait for a year or so before going for IPO,” SBI MD (associates and subsidiaries) Dinesh Kumar Khara said. SBI proposes to sell 8%, while Cardif of France 4% in the IPO.