Pays 670 mln usd (Il Sole 24 Ore Radiocor) - Bern, 19 Jun - Zurich Insurance said it has bought a 70% majority stake in India's Kotak Mahindra General Insurance Company from Kotak Mahindra Bank, following the receipt of all necessary regulatory approvals, for 670 million dollars, through a combination of fresh growth capital and share purchase.

The transaction marks the largest foreign investment in India's general insurance market and is the first by a foreign insurer since the foreign direct investment (FDI) limit was raised from 49% to 74% in 2021.

'The acquisition of Kotak General Insurance sets the way forward for Zurich to be a leading player in a very significant growth market - India. This is a key strategic step for Zurich,' said Tulsi Naidu, CEO, Asia Pacific, Zurich Insurance Group. 'India's insurance market offers immense potential, and together with Kotak, we are committed to supporting its growth and development.

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(RADIOCOR) 19-06-24 09:27:43 (0187) 5 NNNN