Willis Towers Watson has completed the deal to take full ownership of its consulting business in India. The value of the transaction has not been disclosed.
The firm received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to closed the transaction for the remaining 51% of shares in Willis Towers Watson India Insurance Brokers Private Limited (WTW India).
Effective today, Vivek Nath has also been appointed as WTW’s head of India, succeeding Rohit Jain.
Nath has held several general management positions in WTW including managing its country and business portfolios in India, Malaysia, Singapore and South East Asia.
Nath will relocate from Singapore to Gurugram, India, in mid-2022. He succeeds Rohit Jain who will continue to be involved in WTW India as a director on the board of the business.
The deal was first announced in November. At the time, WTW held a 49% stake in the business but changes in regulation made it possible for WTW to acquire the remaining 51% shares from Anemone Holdings Private Ltd and Jain.
Clare Muhiudeen, head of Asia for WTW, said: “Our business in Asia continues to grow and India is a key strategic market for us.
“As we drive our business growth in India, Vivek’s strong experience in leading the Southeast Asia and South Asia markets will be a key asset when he starts to focus on accelerating the growth of our businesses in India.
“He will be responsible for all WTW local businesses in India and bring together the communities of our talented colleagues in all WTW entities to collaborate and transform our business in the country.”
Nath added: “I’m excited to be given this opportunity to lead and drive the growth of our business in India.
“Our clients and communities are going through significant disruptions and WTW is uniquely positioned to help organisations solve these.
“India is WTW’s third largest country in terms of employee numbers after the US and UK, and therefore a significant investment for the company. I look forward to working closely with all our colleagues to bring our One WTW proposition to life.”