Zurich Insurance Group is in talks to buy up to 51 per cent of Kotak General Insurance, two sources with direct knowledge of the matter said, a deal that would mark its first major bet in the Indian insurance market.
Backed by Asia's richest banker Uday Kotak, the early-stage negotiations value the Indian company at around $800 million, and Zurich Insurance has expressed interest in both a minority stake of 49 per cent or taking up a majority 51 per cent stake, the sources said.
