Tuesday, September 9, 2014

Sanlam To Invest $52 Million To Raise Stake In Shriram Insurance

South Africa's insurance giant, Sanlam Ltd considers investing up to 550 million South African Rand (about 52 million US Dollar), to increase its stake 49 per cent in the insurance arm of Shriram Group, one of the India's largest financial services conglomerates.

Sanlam Chief Executive Johan van Zyl said, “The company, which has a 3.3 billion rand warchest for expansion in its Indian and African operations, is also scouring Ghana and Kenya for possible acquisitions.

“The key is to build our footprint in Africa. In India we have seen some movement toward lifting the foreign direct investment limit of 26 per cent to 49 per cent,“ he said.

The company has already spent another 1.5 billion rand on expansion since January.


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