Sanlam plans to rise to 49% in Shriram Capital

Sanlam plans to acquire 23% of additional shares in the Indian financial services company Shriram Capital for an amount of 52 million USD, by the end of the year, according to Johan Van Zyl its managing director.

Already holding 26% of Shriram's capital, the South African group takes advantage of the recent change of the Indian regulation, which has pushed again the ceiling of the capital held by foreign investors to 49%.

Shriram Capital, already present on the life and non-life sectors in India, plans at the same time to develop its non-life branch with its South African partner in other Asian countries, such as Indonesia, Vietnam, Sri Lanka and Myanmar.