The Insurance Regulatory and Development Authority has given approval to Liberty Videocon General Insurance Company to start operations in the country.
The Mumbai-based company will start operations with an initial capital of Rs 300 crore.
Liberty Videocon, a partnership between Videocon Industries and US-based Liberty Mutual Insurance Group, will provide multi-line insurance underwriting capabilities with an emphasis on personal insurance products.
The company is currently finalising its products and service delivery blueprint.
Commenting on the development, Mr Venugopal N. Dhoot, CMD, Videocon Industries, said: “Videocon Group has a strong presence in the Indian consumer space ranging from white and brown goods to mobile telecom services covering entire geography of India.
Domain expertise of Liberty Mutual Insurance Group coupled with our huge platform of brand, trade and customer relationships should provide a robust business model to our general insurance business.”