Sanlam to spend R550m to raise India insurance stake

The company is also scouring Ghana and Kenya for possible acquisitions.

Sanlam logo. Picture: Sanlam

JOHANNESBURG -Sanlam, South Africa's largest insurer by market value, plans to spend up to R550 million to increase its stake in the insurance arm of India's Shriram Group to 49 percent by the end of the year, its chief executive said on Thursday.

The company, which has a R3,3 billion warchest for expansion in its Indian and African operations, is also scouring Ghana and Kenya for possible acquisitions, Johan van Zyl told Reuters.

The key is to build our footprint in Africa. In India we have seen some movement toward lifting the foreign direct investment limit of 26 percent to 49 percent, he said.

The company has already spent another R1,5 billion on expansion since January.