CHENNAI: The Insurance Australia Group (IAG), which holds a 26% stake in SBI General Insurance, is itching to scale up its equity holding in the joint venture to 49% the minute legislation on the FDI Bill is passed during the Budget session. Deputy CEO of SBI General Insurance Steve Hollow said on Monday that IAG was in talks with the public sector lender in this regard. “We hope the legislation passes through. We have already commenced talks with the bank on this issue,” said Hollow to reporters at a roadshow for the insurer’s affordable health policy. The development is something that has been building up for sometime. Just a week earlier, SBI had stated that it was looking to divest its stakes in both its insurance joint ventures, SBI Life and SBI General Insurance to its JV partners. SBI holds a 74% stake in both insurance JVs. Upping stake is attractive option for IAG because both Insurance firms are set to go for an IPO (initial public offering) in six months time.