By GURDEV SINGH VIRK and BILL LINDSAY
SYDNEY -- SBI General Insurance Company--a joint venture between the State Bank of India and Insurance Australia Group Ltd. -- plans to begin operations in the first half of 2010.
But this is subject to final approvals from India's Insurance Regulatory and Development Authority, state-run State Bank of India said in a statement to the Bombay Stock Exchange.
IAG said in a separate statement to the Australian Stock Exchange on Friday that it will invest 5421 million rupees ($117.8 million), or around A$126 million, for its 26% stake in the JV.
Australia's largest general insurance company by premiums written said it holds an option to increase its stake in the JV to 49%, subject to regulatory and other conditions.
IAG said it will fund its investment from internal resources and does not expect any further capital investment in the JV will be required until at least the fourth year of its operation.
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