Private equity firm Carlyle Group has bought a 9% stake in SBI Life Insurance Ltd for about Rs 4,635 crore ($652 million) in its biggest-ever investment in India.
Carlyle purchased the stake from BNP Paribas Cardif SA, the Indian insurer said in a stock-exchange filing on Friday. The insurance unit of the French bank sold a 9.23% stake in total in SBI Life, reducing its holding to 12.77%.