Australia's IAG forms joint venture with India's SBI

SYDNEY, Nov 24 (Reuters) - Insurance Australia Group (IAG.AX) will form a general insurance joint venture with State Bank of India (SBI.BO), in which IAG will invest A$170 million ($108 million).

IAG said in a statement on Monday it will hold 26 percent of the venture, with an option for 49 percent in the future. (Reporting by Mette Fraende)