New Delhi, Feb 6 (IANS): The Competition Commission of India (CCI) has approved the acquisition of 70 per cent stake in Kotak Mahindra General Insurance Company Limited by the Zurich Insurance Company.

The proposed combination involves the acquisition of a majority stake in the Target by the Acquirer from Kotak Mahindra Bank Limited.

Pursuant to the proposed combination, the Acquirer will acquire a 51 per cent stake in the Target (through a combination of fresh growth capital and share purchase).

In addition to the above, the Acquirer will also acquire an additional stake of up to 19 per cent in the Target, over a period of time.

The Acquirer is a wholly-owned subsidiary of Zurich Insurance Group Ltd (Zurich Insurance Group), and is a leading multi-line insurer serving people and businesses in more than 200 countries and territories.

The Acquirer, as part of the Zurich group, has about 60,000 employees and is headquartered in Zurich, Switzerland.

The Acquirer is the principal operating insurance company of the Zurich Insurance Group. Besides being an insurance company, the Acquirer also acts as the holding company of many subsidiaries and other affiliates of the Zurich Insurance Group, except for the Group’s property loans and banking activities.