MANU/PIBU/0146/2024
Department/Board : Press Information Bureau
Date : 06.02.2024
CCI approves acquisition of 70% stake by Zurich Insurance Company Ltd. in Kotak Mahindra General Insurance Company Limited
The Competition Commission of India (CCI) has approved acquisition of 70% stake by Zurich Insurance Company Ltd. (Acquirer) in Kotak Mahindra General Insurance Company Limited (Target).
The Proposed Combination involves an acquisition of a majority stake in Target by the Acquirer from Kotak Mahindra Bank Limited. Pursuant to the Proposed Combination, the Acquirer will acquire a 51% stake in Target (through a combination of fresh growth capital and share purchase). In addition to the above, the Acquirer will also acquire an additional stake of up to 19% in the Target, over a period of time.
The Acquirer is a wholly owned subsidiary of Zurich Insurance Group Ltd.
(Zurich Insurance Group) The Acquirer is a leading multi-line insurer serving
people and businesses in more than 200 countries and territories. The Acquirer
as part of the Zurich group has about 60,000 employees and is headquartered in
Zurich, Switzerland.
The Acquirer is the principal operating insurance company of the Zurich Insurance Group. Besides being an insurance company, the Acquirer also acts as the holding company of many subsidiaries and other affiliates of the Zurich Insurance Group except for the Zurich Insurance Group's property loans and banking activities.
The Target is engaged in the business of providing a wide range of general
insurance policies such as motor vehicle insurance, home and property insurance,
commercial and health insurance. It offers a range of products such as liability
insurance, extended warranty insurance, health insurance plans such as hospital
cash, health indemnity policy, benefit policy and group insurance plans.
Detailed order of the CCI will follow.