Cyril Amarchand Mangaldas acted as a legal counsel to Zurich Insurance Company Ltd on its acquisition of a 70% stake in Kotak Mahindra General Insurance Company Limited (KGI), comprising of subscription of equity shares issued by KGI and acquisition of equity shares from Kotak Mahindra Bank Limited (KMBL).
The transactionteam wasled by Indranath Bishnu, Partner;with supportfrom AnirudSudarsan R, Principal Associate and Ayushi Agrawal, Senior Associate. Subhalaxmi Hota, Associate; provided closing related assistance. The CAM team advised on Indian legal and regulatory framework in relation governing the foreign majority shareholding in the Indian insurance companies including foreign exchange management regulations, advised on various transaction documents including the application to the Insurance Regulatory and Development Authority of India and the Reserve Bank of India, for approval in relation to transfer of ownership and control from KMBL to Zurich Insurance Company Ltd.
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 closed on June 18, 2024 basis receipt of approval from the Competition Commission of India (CCI) on February 06, 2024, Insurance Regulatory and Development Authority of India (IRDAI) on May 06, 2024 and from the Reserve Bank of India (RBI) on June 04, 2024.
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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. The Firm is one of the largest full-service law firm in India and offices in key business centers at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City, Singapore and Abu Dhabi.
The Firm received “National Law Firm of the Year: India” at the IFLR Asia-Pacific Awards for the second consecutive years in 2023 and 2022 and “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards. 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 2022.
