Mumbai, Maharashtra, IndiaCyril Amarchand Mangaldas acted as legal counsel to Marsh International Holdings, Inc. (Marsh International) on purchase of 43.01% of the shareholding of Marsh India Insurance Brokers Private Limited (Marsh India Insurance Brokers). As a result, Marsh International now holds approximately 92% of the paid up share capital of Marsh India Insurance Brokers.
The General Corporate team of Cyril Amarchand Mangaldas advised on the Transaction.
The Transaction team was led by Indranath Bishnu, Partner; with support from Niyati Dholakia, Consultant; and Ayushi Agrawal, Associate.
The CAM team (i) advised on insurance regulatory framework governing the foreign majority shareholding in the Indian insurance intermediaries including foreign exchange management regulations (ii) advised on various transaction documents and (iii) drafted the applications to be submitted to the Insurance Regulatory and Development Authority of India for approval of transfer of ownership and control.
In February 2020, the Department of Promotion of Industry and Internal Trade amended the foreign direct investment (“FDI”) policy to allow 100% FDI in insurance intermediaries. Pursuant to the said amendment, Marsh International Holdings, Inc. proposed to raise its shareholding in the Company from 49% to 92.01%. On the closing of this transaction, Marsh International Holdings, Inc. will hold 92.01% shareholding in Marsh India Insurance Brokers Private Limited.
Other party in the Transaction includes Talwar Thakore & Associates, which acted as legal counsel to Rampart Trust.
The Transaction was signed and closed on October 13, 2021.
