/Ryoji Iwata from Unsplash
The acquisition is worth Rs5,560 crore.
The Reserve Bank of India has greenlit Zurich Insurance Company's acquisition of a 70% stake in Kotak Mahindra General Insurance Company for Rs5,560 crore, as per an exchange filing by Kotak Mahindra Bank on 5 June.
Kotak General is a wholly-owned subsidiary of Kotak Mahindra Bank.
The approval was granted on 4 June, with Kotak Bank confirming that all necessary approvals have been obtained, and the transaction will proceed upon completion of other conditions.
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