Indranath also advises various government bodies on reforms in the insurance sector. He currently serves as a member on the committee constituted by the Insurance Regulatory and Development Authority of India to study and recommend capital requirements for Insurance entities. He is also leading the team from Cyril Amarchand Mangaldas engaged to advise the Regulatory Reforms Committee constituted by the Insurance Regulatory and Development Authority (IRDAI).
Along with the focus in the Insurance sector, he has advised on transactions in other financial services sector such as payments banks, credit information companies, banking, mutual funds, credit cards, and payment and settlement systems. His other notable M&A experience has been in the sectors such as civil aviation, retail, goods and services, and real estate.
Insurance M&A:
- Advised Aditya Birla Health Insurance Company Limited and its Indian promoter Aditya Birla Capital Limited in relation to a capital infusion by Abu Dhabi Investment Authority (one of the major sovereign wealth funds in the world).
- Advised Marsh International Holdings Inc in relation to acquisition of a majority stake in Marsh India Insurance Brokers Private Limited and advising on several contentious issues from a regulatory perspective (including foreign exchange regulations); drafting the application to the IRDAI to procure prior approval for the transaction; and drafting transaction documents and other ancillary documents pertaining to the transaction.
- Advised Canada Pension Plan Investment Board (CPPIB) which has invested in the Series D funding round of Acko Technologies and Services Private Limited (Acko), the holding company of Acko General Insurance Limited. General Atlantic and Lightspeed Ventures have also participated in this round. Acko has become a unicorn with this funding round. The deal closing is subject to IRDAI approval.
- Advised Leapfrog Investments in their equity investment of $250 million as a part of its Series E fundraising at a valuation of approximately $1.2 billion in Girnar Software Private Limited (GSPL), under the brand Cardekho (online portal for new and used cars). We provided regulatory advice on insurance industry practices followed by GSPL's insurance broker subsidiary namely Girnar Insurance Brokers Private Limited.
- Advised Bessemer Venture Partners (BVP) and Susquehanna International Group, LLP (SIG) in relation to their investment in Novabenefits Private Limited (Novabenefits), a company engaged in providing employee benefits related services with human resource process automations. The subsidiary of Novabenefits has also obtained a direct insurance broking license from the IRDAI, which will allow the subsidiary to provide the clients of Novabenefits with various combinations of insurers and insurance coverages.
- Advised Life Insurance Corporation of India in relation to its Initial Public Offering closed in FY 2022.
- Advised Star Health and Allied Insurance Company Limited in relation to its Initial Public Offering in December 2021.
- Advised the Book Running Lead Managers in respect of the Initial Public Offering of GoDigit General Insurance Limited in August 2022 as well as the Initial Public Offering of PB Fintech Limited (the parent entity of Policybazaar (India's largest digital insurance marketplace) and Paisabazaar) in November 2021
- Advised the Book Running Lead Managers in respect of the Initial Public Offering of PB Fintech Limited (the parent entity of Policybazaar (India's largest digital insurance marketplace) and Paisabazaar) in November 2021
- Advised Axis Bank Limited, in relation to its proposal to acquire 29% stake in Max Life Insurance Company Limited from Max Financial Services Limited. The transaction is pending consummation subject to inter alia receipt of various regulatory approvals from Reserve Bank of India, IRDAI and the Competition Commission of India.
- Advised Marsh & McLennan Companies, Inc, Marsh India Insurance Brokers Private Limited, JLT Asia Holdings B.V. in relation to the acquisition of 51% of the paid-up equity share capital by JLT Asia Holdings B.V. (an indirect subsidiary of MMC), of JLT Independent Insurance Brokers Private Limited, a registered composite insurance broker, from Sunidhi Securities & Finance Limited. Further, JLT Independent and Marsh India also entered into a transfer agreement for transfer of JLT Independent's existing insurance broking, risk management and consultancy business to Marsh India
- Advised Navi Technologies Private Limited, in relation to acquisition of 100% equity share capital of DHFL General Insurance Limited (now Navi General Insurance Limited) from Wadhawan Global Capital Limited (whose shares in the insurance company at the time of sale was subject to IRDAI promoter lock-in). The IRDAI approval for the aforesaid transaction factored in a specific exemption for the same.
- Advised ICICI Lombard General Insurance Company Limited, in relation to acquisition of the web-based customer relationship management business of Unbox Technologies Private Limited, commonly known as ‘AutoNinja’, in a slump sale completed pursuant to a business transfer agreement. This transaction holds value for being one of the very few (if not the only) non-insurance business acquisition completed by an Indian insurance company
- Marsh & McLennan Companies, Inc (MMC) and Marsh International Holdings, Inc., a Marsh and McLennan group company, in relation to its acquisition of an additional 26% stake in Marsh India Insurance Brokers Private Limited (“Marsh India”) from the existing shareholders of Marsh India.
- Advised Legal & General Group plc in connection with sale of its entire equity stake of 26% in IndiaFirst Life Insurance Company Limited to an entity controlled by Warburg Pincus LLC.
- Advised Standard Chartered Bank in relation to its global arrangements for distribution of insurance products with its international insurer partner Allianz, and advising the bank’s India branch on the promotion and sale of the products of Bajaj Allianz General Insurance Company Limited.
- Advised Warburg Pincus in relation its acquisition of a non-promoter stake in ICICI Lombard General Insurance Company Limited.
- Advised The State Bank of India in relation to its life insurance joint venture with Cardiff Insurance, being SBI Life Insurance Company.
- Advised Dai-ichi Mutual Life Insurance Company in relation to the acquisition of 18% stake from existing shareholders in its joint venture in India, being Star Union Dai-ichi Life Insurance Company. Continues to advise the clients in relation to management and control of and the Company.
- Advised The State Bank of India in relation to management and control of its general insurance joint venture in India, being SBI General Insurance Company.
- Advised SBI Life Insurance Company in relation to compliance with social sector obligations under the relevant regulations issued by the IRDAI.
- Advised Allahabad Bank, Karnataka Bank, Indian Overseas Bank and Dabur Investments Corp, in relation to management and control of its general insurance joint venture in India, being Universal Sompo General Insurance Company Limited.
- Advised Allianz SE in relation to management and control of its joint ventures in India, being Bajaj Allianz Life Insurance Company and Bajaj Allianz General Insurance Company.
- Advised Marsh Inc in relation to management and control of its joint venture in India, being Marsh Insurance Brokers (India) Private Limited.
- Advised ICICI Bank in relation to the sale of a minority stake in its joint ventures in India, being ICICI Prudential Life Insurance Company and ICICI Lombard General Insurance Company.
- Advised Legal and General Group in relation to management and control of its joint venture in India, being IndiaFirst Life Insurance Company.
- Severally advised United India Brokers, SBI General Insurance and Universal Sompo General Insurance on issues pertaining to foreign ownership and control under the relevant regulations issued by the IRDA.
- Advised Swiss Re. and FM Global in relation to re-organisation of their Indian operations.
- Dai-ichi Mutual Life Insurance Company in relation to the establishment of its life insurance joint venture in India, being Star Union Dai-ichi Life Insurance Company, along with Bank of India and Union Bank of India.
- Canara Bank in relation to establishment of its life insurance joint venture in India, Canara HSBC OBC Life Insurance Company, along with HSBC Bank and Oriental Bank of Commerce.
- Severally advised Birla Sun Life Insurance Company, Sumitomo Life Insurance Company, Credit Agricole S.A. and Piramal Healthcare Limited in relation to various investments and proposed acquisitions in the Insurance sector.
Financial Services:
- Abu Dhabi Commercial Bank in relation to the sale of its banking business to Development Commercial Bank
- Advised Dai-ichi Life Holdings, Inc., with respect to its investment in Union Asset Management Company Private Limited, the asset manager of Union Mutual Fund.
- Advised The Federal Bank Limited in connection with its investment in Equirus Capital Private Limited, a SEBI registered merchant banker.
- Advised Axis Bank Limited in relation to its acquisition of the digital payment and settlement business of Freecharge.
- Advised The Royal Bank of Scotland in relation to merger of the Indian branch of The Royal Bank of Scotland NV (Netherlands) into The Royal Bank of Scotland Plc (United Kingdom) under Section 44A of the Banking Regulation Act.
- Advised The State Bank of India in relation to the establishment of its payments bank joint venture with Reliance Industries.
- Advised The Royal Bank of Scotland in relation to the sale of its private wealth management operations in India, the proposed sale of its retail and commercial banking operations in India and internal group restructurings.
- Advised Religare Group in relation to a proposed sale of controlling stake in an integrated financial services platform which has interests in brokerage, asset management, lending solutions, investment banking, wealth management and insurance.
- Advised ICICI Bank and Vodafone India Limited in relation to setting up of m-Pesa in India, a cobranded pre-paid semi closed account linked with a mobile money account.
- Advised Pioneer Global Asset Management SPA and Canara Bank in relation to various investments and proposed acquisitions of in asset management companies in India.
Strategic Joint Ventures:
- Advised Brightstar Corp. in relation to its joint venture with the Bharti Group in the wireless device and accessory distribution sector.
- Advised Singapore Airlines in relation to its joint venture with Tata Sons for setting up a full service passenger airline company (Vistara) in India.
- Advised Host Hotels and GIC Singapore for setting up a joint venture with Accor Hotels and InterGlobe Enterprises to primarily engage in the operation, ownership and management of various hotel and hospitality projects in India.
- Advised Singapore Air Terminal Services (SATS Limited) for setting up a joint venture with National Aviation Company of India Limited (Air India Limited) to carry on the business of ground handling and cargo handling in various airports in India.
- Advised Equifax Inc in relation to the establishment of Equifax Credit Information Company Limited, a joint venture with seven other public and private sector banks.
Other M&A Experience:
- Advised ABB in relation to Indian Law aspects concerning ABB’s global acquisition of GE Industrial Solutions, GE’s global electrification solutions business
- Advised Brightstar Corp., in setting up their Indian operations by way of a limited liability partnership in a special economic zone in Chennai.
- Advised RedKnee Solutions Inc, in relation to the acquisition of the Business Support Systems of Nokia Siemens Networks B.V. in India.
- Advised Marico Limited for the acquisition of the personal care business of Paras Pharmaceuticals Limited from the Reckitt Benkiser Group.
+91 9833813263
indranath.bishnu@cyrilshroff.com
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