Royal Sundaram targets Rs 120-crore in first year
Chennai: Royal Sundaram Alliance
Insurance Company Ltd, a 26:74 joint venture between the Royal & Sun Alliance of the
UK and the Chennai-based TVS Group has launched its personal and commercial insurance
covers in Chennai on Monday. The insurance JV, first among the private players to start
insurance foray expects to do business worth Rs 120 crore in the first full year of
operation.
The venture hopes to start making cash
profits within five years and is targeting 50 per cent annual growth initially. Mr. GK
Raman, chairman, Royal Sundaram on the eve of launch has said that the alliance was
bullish on the Indian market and was expecting revenue to flow in from both new
businesses, as well as from business of existing players.
The company offers a balanced portfolio of
commercial and personal insurance policies to the consumers via a number of easily
accessible distribution channels. The personal lines of products include motor, health,
travel, personal accident as well as home covers, while commercial lines include fire,
marine, engineering, public liability and product liability covers.
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Industrial output
slips to 5.4 per cent
New Delhi: Industrial output fell
to 5.4 per cent in the first 10 months ended January, against 6.3 per cent in the same
period last fiscal on poor performance by manufacturing and electricity, industrial
production growth. For January, the index fell to 2.8 per cent against 4.9 per cent in
January 2000.
Growth in the manufacturing sector declined by 1.2 per cent to 5.6 per cent during the
first 10 months of 2000-01 from 6.8 per cent during the same period of the previous year.
Manufacturing slipped to 2.9 per cent in January 2001 (5.6 per cent). The index for
electricity fell from 7.2 per cent in April-January last year to 4.5 per cent in the same
period in 2000-01. In January, the index for electricity slid to 1.4 per cent in 2000-01
against 3.2 per cent in the same period last year.
Mining sector was the only area, which saw
an impressive growth. It grew to 4.2 per cent in the April-January period against 0.5 per
cent in the same time last year. In January too, the mining sector grew to 3.5 per cent
against 0.4 per cent in the same month last year. On the use-based classification, basic
and capital goods suffered a setback against a good show by the consumer goods and
durables. Basic goods showed a growth of 4.6 per cent in the April-January period against
5 per cent last year.
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IFC to invest $330 million in India this fiscal year
Mumbai: The International Finance
Corporation (IFC) will be investing about $330 million in India in fiscal year 2001-'02,
almost accounting for ten per cent of its total foreign direct investment (FDI). About 60
per cent of these investments have already been approved and rest is to be approved by
June.
India has already emerged to be the single
largest recipient of IFC funds in terms of new approvals worldwide. India has been the
sixth largest recipient of IFC funds over the years. IFC has a $608 million portfolio in
India as of December 31, 2000, which consists of investments in 70 companies.
IFC focus would include financial
services, infrastructure, health and education, small-and-medium-enterprises (SMEs) and
the new economy sector. In the finance sector, IFC will concentrate on structured finance
products like securitisation, housing finance, trade finance and bringing
small-and-medium-enterprises to the market.
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