Cyril Amarchand Mangaldas provided legal counsel to Zurich Insurance Company Ltd in its recent acquisition of a 70% stake in Kotak Mahindra General Insurance Company Limited (KGI). This acquisition involved both subscribing to equity shares issued by KGI and acquiring equity shares from Kotak Mahindra Bank Limited (KMBL).
Leading the transaction team was Indranath Bishnu, Partner at Cyril Amarchand Mangaldas, supported by Anirud Sudarsan R, Principal Associate, and Ayushi Agrawal, Senior Associate. Additional assistance related to closing procedures was provided by Associate Subhalaxmi Hota. The team at Cyril Amarchand Mangaldas advised on various aspects of Indian legal and regulatory frameworks governing foreign majority shareholding in Indian insurance companies. This included expertise in foreign exchange management regulations and guidance on transaction documents, such as the application submitted to the Insurance Regulatory and Development Authority of India (IRDAI) and the Reserve Bank of India (RBI) for approval regarding the transfer of ownership and control from KMBL to Zurich Insurance Company Ltd.
This landmark transaction marks the largest investment to date by a global strategic insurer in India’s non-life insurance sector. The agreement was officially signed on November 2, 2023, and concluded on June 18, 2024, following approvals from key regulatory bodies. Approval milestones included clearance from the Competition Commission of India (CCI) on February 06, 2024, IRDAI on May 06, 2024, and RBI on June 04, 2024.
This acquisition underscores Zurich Insurance’s strategic expansion into the Indian market, leveraging the expertise and guidance provided by Cyril Amarchand Mangaldas throughout the transaction process.
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