Blackstone exploring entry into India’s general insurance market? What we know – CNBC TV18

Global private equity major Blackstone Inc. is exploring a possible entry into India’s general insurance market through a joint venture with Anuj Tyagi, the outgoing Managing Director and Chief Executive Officer of HDFC ERGO General Insurance, according to sources familiar with the matter.

Tyagi, who recently tendered his resignation from the insurer, is set to exit the organisation in April 2026.

According to sources, the proposed structure could see Blackstone holding a 90% stake in the new general insurance venture, while Tyagi may own the remaining 10%. The private equity firm was also expected to invest between ₹1,000 crore and ₹1,500 crore to build the business, people familiar with the matter said.

The proposed entity backed by Blackstone could look to file an application with the Insurance Regulatory and Development Authority of India (IRDAI) by August 2026.

However, responding to queries from CNBC-TV18, Blackstone denied the reports. “There are no active discussions with Anuj Tyagi or anyone at the moment. The story stating Blackstone is exploring a general insurance JV with Anuj Tyagi is incorrect,” a spokesperson for the firm said.

CNBC-TV18 had reached out to Tyagi for comment but had not received a response at the time of publishing.

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The development comes as Blackstone continues to expand its presence in India’s insurance ecosystem. In 2025, the firm acquired a majority stake in Ace Insurance Brokers for around ₹1,700 crore, marking one of the largest transactions in India’s insurance brokerage market.