Undone: Paytm drops plan to acquire Raheja QBE General Insurance

One97 Communications Ltd., which owns digital payments firm Paytm, has terminated its agreement to acquire 100% of Raheja QBE General Insurance Company Ltd as its transaction could not be completed within the agreed time period. Paytm intends to seek requisite approvals for a new general insurance licence, where it will hold a 74% majority shareholding upfront.