RSA announces completion of 26 per cent stake sale in insurance joint venture

NEW DELHI: The UK-based RSA Insurance Group today said it has completed the sale of its 26 per cent stake in Indian insurer Royal Sundaram Alliance Insurance Company to Sundaram Finance.

RSA Group, in February, announced its plans to exit Royal Sundaram Alliance by offloading its 26 per cent stake to Sundaram Finance for Rs 450 crore.

Post stake sale, Royal Sundaram has become a 100 per cent subsidiary of Sundaram Finance and its associates.

Royal Sundaram Alliance was the first private general insurance company, which was granted licence in 2000, following opening up of the sector.

It offers motor, health, personal accident, home and travel insurance, among others.

In a statement, RSA Group announced "the completion of the sale of its 26 per cent holding in Indian insurer Royal Sundaram Alliance Insurance Company Ltd to Sundaram Finance Ltd, its majority stakeholder."

Last month, Competition Commission of India (CCI) had approved the deal.