Piramal Finance on Friday said it has decided to exit Shriram Life Insurance Company by selling its entire 14.72% stake to South Africa-based Sanlam Group for Rs 600 crore, as part of its strategy to monetise non-core assets.The company said it has signed a share purchase agreement with Sanlam Emerging Markets (Mauritius) Limited (SEMM), the foreign partner in the insurance joint venture with Shriram Finance. SEMM is a wholly owned subsidiary of Sanlam Emerging Markets Pty Ltd and part of the Sanlam Group.The transaction is expected to be completed in the quarter ending March 31, 2026, subject to receipt of necessary regulatory approvals, including clearance from the Insurance Regulatory and Development Authority of India (IRDAI), Piramal Finance said in a regulatory filing.Shriram Life Insurance Company’s contribution to Piramal Finance’s revenue remained marginal. For the year ended March 31, 2025, the company received Rs 12.68 crore as dividend from Shriram Life, accounting for 0.12% of its total revenue, the filing said.“This transaction is aligned with our focus on monetising non-core assets, and we will continue doing the same for our other residual non-core assets,” Piramal Finance said, adding that the proceeds from the sale would help strengthen its balance sheet.Sanlam Group is a pan-African financial services group headquartered in South Africa, with operations across more than 30 countries, including India.
