A company owned by Paytm founder Vijay Shekhar Sharma & Paytm has announced to acquire private sector general insurance company Raheja QBE for an unspecified amount.
The acquisition is subject to customary conditions, including approval from the Insurance Regulatory and Development Authority of India.
Raheja QBE is owned 51% by Prism Johnson and 49% by QBE Australia. This acquisition will be through QorQl Pvt. Ltd., a technology company with majority shareholding of Mr. Sharma and remaining held by Paytm.
QorQ1 will acquire entire stakes from both entities and would own 100% of the company. All employees of Raheja QBE would continue to work in Mumbai, where the company is based, and other locations.
Amit Nayyar, Paytm president, said, “It is an important milestone in Paytm’s financial services journey. Raheja QBE General Insurance’s strong management team will help us accelerate our journey of taking insurance to the large population of India.”
Vijay Aggarwal, managing director, Prism Johnson Ltd., said “Our decision to sell our entire stake of 51% in Raheja QBE is in line with our mission to create sustainable shareholder value and will enable us to focus our resources on our core businesses.”
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