NCLAT: IRP Has Authority to Take Possession of Assets Owned by Corporate Debtor  ||  NCLAT: NCLT Can Direct Forwarding a Copy of its Order to Relevant Statutory Authorities  ||  Delhi HC: Centre to Expedite Process of Accessibility Features in OTT platforms for PwDs  ||  Delhi HC: Once Worker Provides Testimony Under Oath ‘Burden of Proof’ Shifts on Employer  ||  SC: There Cannot be Discrimination in Matter of Payment of Pension to Retired Judges  ||  SC: India is Not a Dharamshala that Can Entertain Foreign Nationals from All Over  ||  SC: Can Quash Domestic Violence Act Complaints Under Section 482 of CrPC  ||  Supreme Court: Can’t Use Statement of One Accused against Another  ||  SC: Inclusion of Name in Draft NRC Cannot Annul Foreigners Tribunal’s Declaration as Non-Citizen  ||  Supreme Court: Minimum Practice of 3 Years Mandatory to Enter Judicial Service    

CCI approves acquisition of 70% stake by Zurich Insurance Company Ltd. in Kotak Mahindra General Insurance Company Limited- (Press Information Bureau) (06 Feb 2024)

MANU/PIBU/0146/2024

MRTP/ Competition Laws

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.

Tags : ACQUISITION   APPROVAL  SHAREHOLDING  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved