M&A
Zurich Insurance to acquire 51% in Kotak General Insurance for Rs.4,051-Cr
Zurich, Switzerland-based Zurich Insurance Group is to acquire a 51% stake in Mumbai-headquartered Kotak Mahindra General Insurance Company Limited for INR 4,051 crore. The investment will be a combination of fresh infusion of about INR 1,609 crore and share purchase from publicly-listed Kotak Mahindra Bank. Zurich will buy an additional 19% within three years. For FY23, Kotak Mahindra General Insurance had reported a turnover (Gross Written Premium) of INR 1,148.30 crore and a networth of INR 341.07 crore.
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