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Zurich gets nod to buy 70% stake in Indian insurer


Switzerland-based Zurich Insurance Group Ltd. has received regulatory approval from the Competition Commission of India to purchase a 70% stake in Kotak Mahindra General Insurance Co. Ltd., Verdict reported citing HinduBusinessline. In November 2023, Zurich had agreed to buy a 51% stake in the general insurer for approximately 40.5 billion Indian rupees ($488 million). The insurer now plans to buy an additional 19% stake within three years of closing the deal, increasing its stake to 70%.

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