Financial Daily from THE HINDU group of publications
Tuesday, Sep 28, 2004
Financial Daily from THE HINDU group of publications Tuesday, Sep 28, 2004 |
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Money & Banking
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NBFCs Exit AXA, enter Mitsui in Chola MS risk venture Our Bureau
Chennai , Sept. 27 THE Murugappa Group on Monday announced that Japan's Mitsui Sumitomo had replaced AXA of France as partner in their company that offers consultancy services on risk management. The partners will have equal stake in the company, Chola MS Risk Services. The two groups have a joint venture in the general insurance business, where the Murugappa group has majority stake. The new joint venture in the risk management business is aimed at extending the existing partnership in general insurance, said Mr M. Anandan, Managing Director of Cholamandalam Investment and Finance. Chola MS Risk Services is a functioning company, and is expected to record a Rs 1-crore turnover through consultancy in the current financial year, said Mr Anandan. MS's nominees would replace those of AXA on the company's board, he added. AXA joined hands with the Murugappa group a while ago in the risk services business. Subsequently, AXA decided not to enter insurance business here and Murugappa teamed up with MS. The end result of the developments led to Chola MS, said Mr Anandan. Cholamandalam Investment's press release said the tie-up included a technical collaboration with InterRisk Japan and InterRisk Asia, an arm of Mitsui Sumitomo in risk management.
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