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Zurich to buy 51% in Kotak gen insurance for ₹4,051 cr
Mint Mumbai
|November 03, 2023
Zurich Insurance Co. Ltd on Thursday marked its India entry by agreeing to buy a majority stake in Kotak Mahindra General Insurance in the single-largest investment by a global strategic insurer in an Indian non-life insurer.
The Swiss insurer will buy new and existing shares of the Indian insurer from its parent Kotak Mahindra Bank for ₹4,051 crore, a joint statement said. Zurich will also purchase 30% more in the insurer over the next three years.
The additional stake purchase will help Kotak Mahindra Bank comply with a regulation that mandates banks to limit their stakeholding in insurance companies below 30% or maintain it above 51%.
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