wordpress blog stats
Connect with us

Hi, what are you looking for?

Paytm, Vijay Shekhar Sharma to buy insurance company Raheja QBE

Paytm parent company One97 Communications and CEO Vijay Shekhar Sharma will acquire Mumbai-based Raheja QBE General Insurance Company. The current owner Prism Johnson disclosed the purchase in a BSE filing on Monday. This was reported by Business Standard.

Raheja QBE is a joint venture between cement-maker Prism Johnson and Australian insurance group QBE. For a total consideration of almost Rs 290 crore, Prism Johnson will divest:

  • Its own 51% stake in the company to QORQL Pvt. Ltd., a company in which Sharma holds a majority stake, and
  • The remaining 49% stake, held by QBE, to One97 Communications

The sale is expected to be closed by March 31, 2021. The divestment will result in the termination of Prism Johnson’s joint venture with Australia’s QBE in the general insurance business in India.

Raheja QBE provided coverage health, home, and motor insurance, and also provided commercial property insurance. It had a revenue of almost Rs 190 crore in FY19-20, with a net worth of Rs 154 crore.

Advertisement. Scroll to continue reading.
Written By

I cover health, policy issues such as intermediary liability, data governance, internet shutdowns, and more. Hit me up for tips.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

News

By Stella Joseph, Prakhil Mishra, and Yash Desai The Government of India circulated proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules”) which...

News

By Rahul Rai and Shruti Aji Murali A little less than a year since their release, the Consumer Protection (E-commerce) Rules, 2020 is being amended....

You May Also Like

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ