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Wednesday, Jan 30, 2002

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IRDA to set up institute in Hyderabad

Our Bureau

HYDERABAD: The Insurance Regulatory Development Authority (IRDA) and the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) have signed up to establish a global institute for insurance, risk management and other allied financial services in the financial district of the city.

According to the memorandum of understanding, while the IRDA would have equity participation in the proposed institute in its capacity as a sponsor, the APIIC will hold equity equivalent to the value of land transferred by it to the institute. The institute will be set up in 15 months.

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