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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About Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas (cam) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds, start-ups, government and regulatory bodies. The Firm generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. With 1000 lawyers and 170 Partners, the Firm is the largest full-service law firm in India and offices in key business centres at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City and also in Singapore.
The Firm recently received “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards and the “National Law Firm of the Year: India” award at the IFLR Asia Pacific 2022 awards ceremony. The Firm had won “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards in 2021.
