The Competition Commission of India (CCI) on Tuesday said it has approved Zurich Insurance Company's proposed 70% 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% stake in Kotak Mahindra General Insurance.
In addition, CCI also cleared Zurich Insurance Company's proposal to acquire an additional 19% 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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