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Wednesday, Jan 08, 2003

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Mitsui Sumitomo invests Rs 37 cr in Murugappa venture

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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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