Zurich Insurance Company has received the approval of the Reserve Bank of India (RBI) for the acquisition of 70 percent stake in Kotak Mahindra General Insurance Company for Rs. 5,560 crore.
Kotak General is Kotak Mahindra Bank’s 100 percent subsidiary.
The RBI’s approval was received on 4th June, 2024. The private bank stated that all the required approvals have been received and the transaction would be completed upon fulfillment of other conditions precedent.
Kotak Mahindra Bank, in February 2024, had announced that Zurich Insurance would acquire a 70 percent stake in the insurance company for Rs. 5,560 crore in a single tranche.
The Zurich-based firm, in November 2023, stated that it would initially acquire a 51 percent stake through a combination of fresh growth capital and share purchase, and an additional 19 percent stake in the future.
On 6th February, 2024, the Competition Commission of India had permitted the Zurich Insurance to pick up a 70 percent stake in the Kotak General Insurance Company.
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