AZB & Partners Acted In Zurich Insurance Majority Stake Buy In Kotak General Insurance
AZB & Partners Acted In Zurich Insurance Majority Stake Buy In Kotak General Insurance
Zurich Insurance Company has completed acquiring a majority stake in Kotak Mahindra General Insurance from Kotak Mahindra Bank after receiving all regulatory approvals.
Zurich Insurance has acquired a 70% stake in Kotak General Insurance for INR 55 Billion (i.e., USD 670 million), through a combination of fresh growth capital and share purchase.
The transaction which was announced in November 2023 was subject to regulatory approvals from the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDAI), and the Competition Commission of India (CCI).
The transaction was completed on June 18, 2024.
AZB & Partners advised Kotak Mahindra Bank Limited and Kotak Mahindra General Insurance Company Limited. The team comprised of Ashwath Rau (Senior Partner) and Kashish Bhatia (Senior Partner) and were supported by Senior Associates Chitrangda Singh and Aditi Shukla.
