Building materials company Prism Johnson said on Monday its board of directors has approved the divestment of entire 51 per cent holding in Raheja QBE General Insurance Company to QORQL Pvt Ltd for nearly Rs 290 crore.
QORQL Limited is a technology company with a majority shareholding of Vijay Shekhar Sharma and remaining held by Paytm.
"The divestment will result in termination of the company's joint venture with Australia's QBE in the general insurance business. Post the divestment, Raheja QBE will also cease to be a subsidiary of the company," said Prism Johnson in a statement.
QBE is one of Australia's largest insurers. Reports said Paytm will also acquire the remaining 49 per cent stake which is held by QBE Australia.
Paytm, with its large customer base and merchant ecosystem, will thus enter the general insurance space after foraying into the digital banking sector.
( With inputs from ANI )