Bigger India
Setback To Billionaire NRI Prem Watsa; IRDA Rejects Proposal To Buy Indian Reinsurance Firm
Prem Watsa's Go Digit General Insurance Ltd had signed the deal to acquire ITI Reinsurance Ltd from Fortune Financial Services of Sudhir Valia in June 2018 and had sought IRDA (Insurance Regulatory Authority of India) approval for the deal.
IRDA has turned down India-born Canadian billionaire investor Prem Watsa’s proposal to acquire the two-year-old reinsurance firm ITI Reinsurance from Sudhir Valia-owned The Investment Trust of India Ltd, due to some fundamental problems that violate the current regulations. Sudhir Valia is brother-in-law and an associate of Sun Pharmaceuticals promoter Dilip Shanghvi.