Cyril 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.
About Cyril Amarchand Mangaldas
India’s Leading Law Firm, Cyril Amarchand Mangaldas was founded on May 11, 2015 and takes forward the values going back 104 years, of the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co. Tracing its professional lineage to 1917, the Firm has 750 lawyers, including over 130 partners, and offices in India’s key business centres at Mumbai, New Delhi, Bengaluru and Ahmedabad. The Firm advises a large, and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, start-ups and governmental and regulatory bodies.
The firm was recently named in ‘25 Most Innovative Companies of the Year‘ by CII. Also, received “Law Firm of the Year” award at the Asian Legal Business (ALB) India Law Awards 2020 and “Law Firm of the Year, India” at the Asialaw Regional Awards 2020. The firm was recognised as the “Most Innovative National Law Firm of the Year – India for 2020” at the IFLR Asia Awards and voted as the “Employer of Choice for 2020” from India, by the Asian Legal Business.