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Indian e-commerce firm Paytm buys out Raheja QBE General Insurance
Former owners Prism Johnson and Australia's QBE will divest.
Indian e-commerce payments firm Paytm has acquired a 100% stake in Raheja QBE General Insurance for $76m, according to an announcement.
The acquisition was made through tech firm QorQI which is majority-owned by Paytm CEO Vijay Shekhar Sharma.
Building materials firm Prism Johnson, who owns 51% stake in the insurer, has agreed to divest. The divestment will result in the termination of its joint venture with Australian insurer QBE, who owns the remaining 49%.