Financial Daily from THE HINDU group of publications
Thursday, Jun 13, 2002

News
Features
Stocks
Port Info
Archives

Group Sites

Money & Banking - Life Insurance


LIC set to venture into Sri Lanka

Our Bureau

MUMBAI, June 12

LIC of India is entering the Sri Lankan insurance market through a joint venture with the local Bartleet Group of companies.

Initially, LIC will hold the majority 75 per cent equity in a new company to be incorporated in Sri Lanka and the balance by the local partner. It will divest its stake by about 25 per cent to the public subsequently, an LIC official said.

Investment details are yet to be worked out. However, according to officials, LIC will initially invest about 25 million Sri Lakan Rupees from its own funds lying in Sri Lanka from its earlier business.

A memorandum of understanding was signed between LIC and the Bartleet Group of Companies of Sri Lanka in Mumbai on Wednesday. Barlette is a diversified group with interest in tea plantations, IT, stock broking and food services.

LIC was previously operating in Sri Lanka till the industry was nationalised in 1961. The re-entry of LIC into Sri Lanka comes in the wake of LIC seeking to expand its operations to several countries.

There is good scope in Sri Lanka as insurance market is not fully developed in that country. LIC hopes to capture a sizable share of the business, said an official.

The MoU was signed by Mr A. Ramamurthy, acting Chairman, LIC, and Mr Eraj Wijesinghe, Managing Director, Bartleet Group of companies.

Send this article to Friends by E-Mail

Stories in this Section
Rejection of complaint by Ombudsman cannot be sustained, rules Madras HC


Rupee firm; gilts mixed
The dollar debate
HDFC scouting for franchisees to tap NRI funds
LIC set to venture into Sri Lanka
Tata AIG General gross revenue at Rs 81.6 cr
Mahindra Realty NCD downgraded
UTI Bank scouting for strategic partner
Vysya Bank launches `mi-b@nk'
Spreads on loans, advances -- Banks yet to comply with RBI fiat on disclosure
SBI advances to priority sector top Rs 41,000 cr
Andhra Bank opens branch at Kottayam
SBI board meet on June 20
SBI donates ambulance
HSBC plans insurance brokerage firm
Changes soon in IDBI Act to enable merger with any bank
G-secs retailing gains momentum
Sinha to meet PSB chiefs
Krishnamachari is Deputy MD, SBI


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |

Copyright 2002, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line