Zurich (awp) – The Zurich Insurance group wants to extend its presence in the damage insurance market to the Indian market. As part of bankruptcy proceedings, the company has made a joint bid with Primal Group to take over India’s Reliance General Insurance, “The Economics Times” reported in its Sunday edition.
According to the Indian economic newspaper, the two partners would have each acquired half of the company. The deadline for submitting firm offers for the financial subsidiary of India’s largest private industrial conglomerate still runs until October 30.
The Zurich insurer confirmed to AWP on Monday that it had submitted an offer for the acquisition of a stake, specifying however that the conditions of a possible transaction were still under negotiation and that there was no guarantee that it will succeed.
an/tv/buc/ol