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Chennai, Nov. 15 IndusInd Bank today signed up with Cholamandalam MS General Insurance Company to sell the insurer’s products through its branches.

The Chennai-based insurer expects to sell Rs 250 crore worth of insurance products through the bank over the next three years. In the first seven months of the current year, Cholamandalam MS earned premium income of Rs 315 crore, same as it did in the whole of last financial year.

Though not technically a part of the Hinduja group, IndusInd Bank’s principal shareholder is the group with a 28 per cent stake. The Hindujas have said the group would enter both life and non-life insurance business in India. Asked why Cholamandalam was tying up with a would-be competitor, Mr M Anandan, Managing Director of the company said, “We do not mind it”. He said that IndusInd Bank could even sell other insurance companies’ products.

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