Cyril Amarchand Mangaldas

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 transaction team was led by Indranath Bishnu, Partner; with support from Anirud Sudarsan 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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