Madras High Court Refuses to Entertain Plea Challenging Handing Over of Sceptre to Widow  ||  Mad. HC: Merely Smelling Alcohol in Breath Not Sufficient Ground to Attribute Contributory Negligence  ||  Del. HC: Central Govt.’s Circular Banning Sale and Breeding of 'Dangerous & Ferocious Dogs' Quashed  ||  Calcutta High Court: Notice Preventing Forest Dwellers from Entering Forest Lands Set Aside  ||  Del. HC: Proceed. Under SARFAESI Act and RDDB Act Can Continue Parallelly as They are Complimentary  ||  Ori. HC: Proper Infrastructure and Manpower Must be Provided by State to Forensic Labs  ||  Bom. HC: Trampoline Park in Lonavla Restrained from Using Trademark or Character of Mr. Bean  ||  Allahabad HC: In Execution Proceedings, Challenge Cannot be Made to Arbitral Award u/s 47 of CPC  ||  Mad. HC: Basic Structure of Consti. & Democracy Demolishes When Electors Gratified During Election  ||  Cal. HC: WB Government Directed to Finalise Minimum Wage of Tea Plantation Workers Within Six Weeks    

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