Pursuant to the liberalisation of foreign investment in the insurance sector, Prism Cement sold 23% out of its 74% stake in Raheja QBE General Insurance Company to an affiliate of QBE Asia Pacific Holdings for Rs 110 crore (AUD 21.5m).

Prism was advised by Trilegal partner Ashwyn Misra, counsel Shamin Shah, senior associates Saswat Subasit and Gautam Chawla (competition law), and associate Jeet Chaudhuri.

According to Trilegal’s press release, it was involved in drafting and negotiating the transaction documents, finalising the applications to the FIPB and IRDA as well as the amendments to the Joint Venture Agreement entered into on 19 July 2007 and the Articles of Association to comply with the Indian control requirements prescribed by the IRDA

QBE was advised by Cyril Amarchand Mangaldas Mumbai partner Leena Chacko, principal associate Tirthankar Datta and senior associate Saksham Chaturvedi.