Piramal Finance on Friday said it will divest its entire 14.72 per cent stake in Shriram Life Insurance Company (SLIC) to South Africa-based Sanlam Group for ₹600 crore.
The sale will be executed through a share purchase agreement signed between Piramal Finance and Sanlam Emerging Markets (Mauritius) Limited (SEMM) on Friday.
The Sanlam group is the foreign partner in the insurance joint venture with Shriram Finance. As of September 30, 2025, SEMM held a 23 per cent stake in the life insurer according to a public disclosure.
The transaction is expected to be completed in the quarter ending March 31, 2026, subject to receipt of requisite regulatory approvals, including clearance from the Insurance Regulatory and Development Authority of India (IRDAI), Piramal Finance said in a regulatory filing.
Piramal Finance said that Shriram Life Insurance Company contributed ₹12.68 crore to its revenue in the year ended March 31, 2025, accounting for about 0.12 per cent of its total revenue. The income was received in the form of dividends.
Data from the Life Insurance Council shows that new business premium underwritten by Shriram Life Insurance in April-November 2025 was ₹1,295.80 crore, down 3.82 per cent from ₹1,347.33 crore in the corresponding period of the previous year.
Piramal Finance said the proposed divestment is aligned with its focus on monetising non-core assets and added that it will continue to pursue similar transactions for its remaining residual non-core investments.
Proceeds from the sale are expected to further strengthen Piramal Finance’s balance sheet, the company said.
SEMM, which will acquire the stake, is incorporated in Mauritius and is a subsidiary of Sanlam Emerging Markets Pty Ltd and forms part of the Sanlam group.
The Sanlam group has operations in more than 30 countries and has a strong presence across key emerging market economies, including India.