Financial Daily from THE HINDU group of publications
Wednesday, Jan 08, 2003
Financial Daily from THE HINDU group of publications Wednesday, Jan 08, 2003 |
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Money & Banking
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General Insurance Mitsui Sumitomo invests Rs 37 cr in Murugappa venture Our Bureau
CHENNAI, Jan. 7 CONSEQUENT to Mitsui Sumitomo stepping into Cholamandalam General Insurance Company Ltd, the non-life insurance company of the Murugappa group with a Rs 37-crore investment, the company will change its name to Cholamandalam MS General Insurance Company Ltd. The equity addition will take the capital of the company to Rs 142 crore — with the other Rs 105 crore, the Murugappa group will have a 74 per cent stake in the company. The company began its operations in October, and is today present in 10 cities. In a press release, the Murugappa group has said that Mitsui Sumitomo was the second largest insurance group in Japan.
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