JOHANNESBURG, Sept 4 Sanlam Ltd, South
Africa's largest insurer by market value, plans to spend up to
550 million rand ($52 million) to increase its stake in the
insurance arm of India's Shriram Group to 49 percent by the end
of the year, its chief executive said on Thursday.
The company, which has a 3.3 billion rand warchest for
expansion in its Indian and African operations, is also scouring
Ghana and Kenya for possible acquisitions, Johan van Zyl told
"The key is to build our footprint in Africa. In India we
have seen some movement toward lifting the foreign direct
investment limit of 26 percent to 49 percent," he said.
The company has already spent another 1.5 billion rand on
expansion since January.
($1 = 10.6806 South African Rand)
(Reporting by Helen Nyambura-Mwaura; editing by David Dolan)