Cyril Amarchand Mangaldas advises Zurich Insurance on acquisition of majority stake in Kotak Mahindra General Insurance
Nov 02, 2023
BusinessWire India
Mumbai (Maharashtra) [India], November 2: Cyril Amarchand Mangaldas acted as a legal counsel to Zurich Insurance Company Ltd on its proposed acquisition of a majority stake from Kotak Mahindra Bank Limited in Kotak Mahindra General Insurance Company Limited.
The transaction team was led by Indranath Bishnu, Partner; with support from Anirud Sudarsan R., Principal Associate; and Ayushi Agrawal, Associate. The CAM team advised on Indian legal and regulatory framework in relation to foreign shareholding in an Indian insurance company, including the foreign exchange regulations, conducting due diligence on Kotak Mahindra General Insurance Company Limited, drafting and advising on transaction documents and general advisory in relation to required regulatory approvals for the proposed transaction in India.
The due diligence team was led by Indranath Bishnu, Partner; with support from Anirud Sudarsan R., Principal Associate; Shaleen Tiwari, Senior Associate, Ila Vyas, Senior Associate, Soumyaditya Dasgupta, Senior Associate Designate, Ayushi Agrawal, Associate; Mohini Parghi, Associate, Aaryan Wasnik, Associate.
Ankita Ray, Partner; with support from Krithika Radhakrishnan, Principal Associate; and Siddhi Kochar, Associate; assisted in the employment related diligence.
Kirthi Srinivas, Partner; with support from Shivani Sathe, Associate; Aaditya Ranbir Sahgal, Associate; and Srishti Chhabra, Associate; assisted with the competition related aspects of the transaction.
The transaction represents the single largest investment by a global strategic insurer in the Indian non-life insurance sector. The transaction was signed on November 2, 2023 and is subject to receipt of regulatory approvals.
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