Bain Capital Considering Stake Acquisition in IndusInd General Insurance
Bain Capital is reportedly in advanced discussions to acquire up to 25% of IndusInd General Insurance (IGI) for a potential valuation exceeding Rs160 billion ($1.67 billion). This would mark Bain's first direct investment in India’s general insurance sector, with the stake being sold by Hinduja Group through its Mauritius-based arm, IndusInd International Holdings. The deal is expected to involve an investment of between Rs40–50 billion and values IGI at 1.3–1.7 times its gross written premium (GWP) of approximately Rs120 billion. Bain has completed due diligence on the transaction, with a likely signing by late August or early September. The firm is not planning for an immediate exit but sees long-term operational potential in the business. Barclays serves as financial advisor to IndusInd International Holdings. IGI’s valuation will be at a discount compared to listed peers due to its need for operational improvements, despite being part of Hinduja Group's broader acquisition through Reliance Capital.
Tickers: $IGI
Topics: Bain Capital IndusInd General Insurance insurance industry private equity