US private equity major Bain Capital is in advanced discussions to acquire up to a 25% stake in IndusInd General Insurance from Hinduja Group's Mauritius-based investment arm IndusInd International Holdings (IIHL), in a deal that could value the insurer at Rs 16,000 crore or more, according to an Economic Times report on July 27.
Bain is expected to invest Rs 4,000-5,000 crore for the stake, implying a valuation of 1.3-1.7 times the insurer's gross written premium (GWP) of around Rs 12,000 crore. The firm has completed financial, legal and operational due diligence, and the deal is expected to be signed by late August or early September, with discussions now centred on valuation and final commercial terms. Barclays is advising IIHL on the proposed stake sale.
IndusInd General Insurance reported a 2.5% decline in GWP to Rs 12,236 crore in FY26, against 9% growth for the industry, and held a market share of 3.64% as of March 2026. Its solvency ratio stands above 1.60 times after it raised Rs 450 crore in March 2026 — Rs 300 crore of subordinated debt and a Rs 150 crore capital infusion from its parent. IIHL, which acquired Reliance Capital through the insolvency resolution process in March 2025, owns 73.98% of the insurer through Reliance Capital, while Aasia Enterprises LLP holds 24.67%.
If concluded, the transaction would mark Bain's first direct bet in India's general insurance sector — part of a wave of global capital entering Indian non-life insurance after the FDI cap was raised to 100%.
Source: Economic Times (July 27, 2026); LifeInsuranceInternational, InsuranceAsia News (July 28, 2026)