Global private equity firm Warburg Pincus and Premji Invest, the investment firm of Wipro chairman Azim Premji, have agreed to acquire a 26 percent stake in India-based SBI General Insurance Company from Australia-listed Insurance Australia Group (IAG) for AUD640 million (approximately USD432 million). Premji Invest will acquire a 16.01 percent stake in SBI General while Warburg will acquire 9.99 percent. SBI General, which offers a range of commercial and retail insurance products, was formed in 2009 as a joint venture between IAG and the State Bank of India. The deal is subject to regulatory processes and approvals and is expected to close by June 2020.