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MUMBAI, Jan. 23

HOUSING Development Finance Corporation Ltd (HDFC) is to set up a joint venture company with the US-based Chubb Global Financial Services Corporation for the business of general insurance, subject to the Insurance Regulatory and Development Authority's (IRDA) approval.

The HDFC board on Wednesday approved in principle the proposal to set up the joint venture and the shareholders' agreement for the proposed company will be signed shortly, an official statement said.

Chubb is one of the largest property casualty insurers in the US and as on December 2000 had an asset base of over $25 billion.

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