Paytm lnsuretech Private Limited, an associate company of One97 Communications, has said it will not acquire Raheja QBE General Insurance Company Limited, and rather intends to apply for a new general insurance license.
"Our associate company, Paytm lnsuretech Private Limited, had entered into a share purchase agreement to acquire 100 percent of Raheja QBE General Insurance Company Limited. As the share sale and purchase transaction has not been consummated within the time period envisaged by the parties under the said agreement, the agreement has automatically terminated," One97 Communications, which is the parent company of Paytm, said in a regulatory filing to the stock exchanges.
"Paytm remains bullish on its roadmap for general insurance, and we intend to seek requisite approvals for a new general insurance license, wherein we hold a 74 percent majority shareholding upfront," it said.
(With PTI inputs)
