The Competition Commission of India (CCI) on Tuesday said it has approved Zurich Insurance Company's proposed 70 per cent stake purchase in Kotak Mahindra General Insurance Company. Zurich Insurance Company is a wholly-owned subsidiary of Zurich Insurance Group Ltd.
The proposed transaction involves an acquisition of a majority stake in the Kotak Mahindra General Insurance Company by the Zurich Insurance Company from Kotak Mahindra Bank Ltd, according to a release. Pursuant to the transaction, Zurich Insurance Company will have a 51 per cent stake in Kotak Mahindra General Insurance.
In addition, CCI also cleared Zurich Insurance Company's proposal to acquire an additional 19 per cent stake in Kotak Mahindra General Insurance. Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
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