Kar. HC: For Disqua. Under Gram Swaraj & Panchayat Act, Subsisting Contract With Panchayat Necessary  ||  Allahabad High Court: Mother-in-law Acquitted in Dowry Case After Five Years in Jail  ||  All. HC: Amendment to S. 169(3) of UPZALR Act Struck Down to the Extent of Mandatory Regis. of Wills  ||  Del HC: Suo Moto Case Registered from PIL Against Order Dischar. Accused Storing Child Porn Material  ||  SC: Onus on Service Provider to Prove That Service Was Availed for Commercial Purpose  ||  Supreme Court: Arrest by GST Officers Should Not be Made on Mere Suspicion  ||  Bom. HC: Admission Obtained on False OBC Certificate, Doctor Allowed to Retain Qualification  ||  SC: NGT’s Direction to Initiate Action Under PMLA, Stayed on Ground of Lack of Jurisdiction  ||  SC: If App. Court Deals With Issues Rising for Deliberation, Omission to Sep. Frame Issues Not Fatal  ||  Del HC: Evidence in Predicate Offence by Accused Who Becomes Approver Can’t be Used in PMLA Procee.    

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 2024 - All Rights Reserved