Nod for Tata AIG insurance venture

By Our Special Correspondent

MUMBAI, JAN. 12. Tata AIG General Insurance Co. Ltd. today announced that it had received in-principle registration as a general insurer from the Insurance Regulatory and Development Authority (IRDA) of India.

Tata AIG General Insurance, as per the current regulatory requirement, is a joint venture in which the Tata group holds 74 per cent of the equity and a subsidiary of American International Group Inc (AIG) 26 per cent. Initial capitalisation of the company is expected to be Rs. 125 crores.

``The Tatas have had a long association with India's insurance sector and we are pleased at the opportunity to participate in its development once again,'' said Mr. Ratan Tata, chairman, Tata Sons. ``Our partnership with AIG, a global leader in insurance, will allow us to offer world class products and services to Indian consumers,'' he added.

Tata AIG General Insurance expects to complete the remaining formalities required by the IRDA shortly, stated a press release issued by Tata AIG Insurance. The company will have branches in Mumbai, Delhi, Chennai, Bangalore, Hyderabad and Calcutta by the end of the first quarter.

Send this article to Friends by E-Mail

Section  : Business
Previous : Rupee gains 7 paise against $
Next     : Compulsory tea auction scrapped