Bain Capital in talks over 25% stake in IndusInd General Insurance – report

Bain Capital is successful precocious talks to get arsenic overmuch arsenic a 25% involvement successful IndusInd General Insurance (IGI) successful a woody that could worth the insurer astatine much than Rs160bn ($1.67bn), the Economic Times reported, citing sources.

The transaction, if completed, would beryllium Bain Capital's archetypal nonstop concern successful India's wide security sector.

The involvement is being sold by Hinduja Group's Mauritius-based concern limb IndusInd International Holdings (IIHL).

Bain is expected to perpetrate betwixt Rs40bn and Rs50bn, implying a valuation of 1.3–1.7-times the company's gross written premium (GWP) of astir Rs120bn.

IGI operates successful retail, commercialized and harvest insurance, and implicit the past twelvemonth has been concentrating connected expanding its wellness and occurrence businesses.

The study said that Bain has finished financial, ineligible and operational owed diligence, and the statement is expected to beryllium signed by precocious August oregon aboriginal September.

"They are not looking astatine exiting successful 2 oregon 3 years. They spot important operational upside successful the franchise," 1 idiosyncratic progressive successful the discussions told the publication.

Barclays is acting arsenic advisor to IIHL connected the projected sale.

IGI is expected to beryllium priced astatine a discount to listed peers, which are valued astatine astir three-times GWP, reflecting a request for operational improvements.

The insurer posted a 2.5% autumn successful GWP to Rs122.36bn successful fiscal twelvemonth 2026, portion the wide wide security manufacture recorded 9% growth.

In March 2026, IGI raised Rs4.5bn, made up of Rs3bn successful subordinated indebtedness and a Rs1.5bn superior injection from its parent, to reenforce its solvency position, which is supra 1.6 times.

Through Reliance Capital, IIHL presently owns 73.98% of IGI, portion Aasia Enterprises holds 24.67%. The remainder is owned by employees and others.

IIHL acquired Reliance Capital done the insolvency solution process successful March 2025 nether a solution program of Rs96.5bn.

That transaction brought Reliance General Insurance, Reliance Nippon Life Insurance, Reliance Securities, Reliance Asset Reconstruction and different fiscal services businesses into its portfolio.

"Bain Capital successful talks implicit 25% involvement successful IndusInd General Insurance – report" was primitively created and published by Life Insurance International, a GlobalData owned brand.