SBI eyes IPO of general insurance biz next fiscal

NEW DELHI: 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.