QBE Holdings (AAP) Pty Ltd has acquired the entire shareholding of Prism Johnson Limited in Raheja QBE General Insurance Company Limited, representing 51% of the equity share capital of the Company.

Upon Closing, QBE, and its affiliates, shall hold 100% of the share capital of the Raheja QBE General Insurance Company. The Closing of the transaction is subject to IRDAI approval and other customary conditions precedent.

Cyril Amarchand Mangaldas advised QBE on this transaction. The Firm's role involved advising on Indian legal and regulatory framework in relation to 100% foreign shareholding in an Indian insurance company, including the foreign exchange regulations, drafting and advising on the SPA and general advisory in relation to required regulatory approvals for the proposed transaction in India.

The transaction team was led by Indranath Bishnu (Partner), with assistance from Anirud Sudarsan R (Principal Associate), Shravan Belsare (Senior Associate), Associates Raajash Kulmi and Saakshi Tibrewal.

Raheja QBE General Insurance Company was formed as a joint venture between Rajan Raheja Group and QBE Insurance, Australia’s second largest global insurer.

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