Chola MS raises additional Rs. 50 crores capital for
business growth and expansion
Chennai, September 29, 2011: Cholamandalam MS General Insurance Company Limited, a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Group Japan has enhanced its capital base by Rs. 50.05 crores through a rights issue for growth and expansion plans. The networth of the Company which was Rs.257 crores in March 2011 has increased by Rs.50 crores through this infusion by its promoters.
Commenting on the same, Mr. S.S. Gopalarathnam, Managing Director, Chola MS said, “This additional capital infused in our business will be utilized for our business growth and expansion. We are well on our way to achieve our business plan of Rs. 1200 crores for the current year.”
Chola MS has achieved a Gross Written Premium (GWP) of Rs.546 crores during the April-August 2011 period thereby registering a growth 36.9% over the same period last year.
About Cholamandalam MS General Insurance Company (Chola MS)
Chola MS General Insurance Company Ltd. is a Joint Venture between Murugappa Group and Mitsui Sumitomo Insurance Group of Japan. Chola MS offers a wide range of products that include Accident, Engineering, Health, Liability, Marine, Motor, Property, Travel and Rural insurance for individuals and corporate. The company achieved a GWP of Rs. 968 crores in 2010-11. The company has 96 branches and over 7500 agents across the country.
The company champions a brand philosophy of T3 – Trust, Transparency and Technology. The company has received various awards and accolades, noteworthy amongst them is the best insurance company for “In time Claims Settlement for the year 2010-11” in the Rashtriya Swasthya Bima Yojana(RSBY) scheme run by the Ministry of Labour & Employment, Government of India. Also recently the company has been awarded “Financial Insights Innovation Award” for innovation in mobile enablement – Claims Survey Process in the recently concluded Asian Insurance Congress held at Singapore. Visit www.cholainsurance.com for more information about the company and its products.
About Murugappa Group
Founded in 1900, the Rs. 17051 Crores (USD 3.8 billion) Murugappa Group is one of India’s leading business conglomerates. The Group has 29 businesses including eight listed Companies actively traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Tube Investments of India Ltd., and Wendt (India) Ltd.
Market leaders in served segments including Abrasives, Auto Components, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Construction, Bio-products and Nutraceuticals, the Group has forged strong joint venture alliances with leading international companies like Groupe Chimique Tunisien, Foskor, Cargill, Mitsui Sumitomo and Morgan Crucible. The Group has a wide geographical presence panning 13 states in India and 5 continents.
Renowned brands like BSA, Hercules, Ballmaster, Ajax, Parry’s, Gromor and Paramfos are from the Murugappa stable. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees.
About Mitsui Sumitomo Insurance Company (MSI)
Mitsui Sumitomo is part of MS&AD, the largest Insurance group in Japan, with an Ordinary Income (NPW) of $30.59 billion at FY2010-2011. The company has international network of 320 facilities spanning 42 countries and regions, centered on the fast-growing Asian region. Mitsui Sumitomo Insurance Co. Ltd was awarded the “General Insurance Company of the Year” award in 2005 at the 9th Asia Insurance Industry Award ceremony held in Singapore. This has been awarded to MSI for being the most active non-life insurance company and for reaching the top of the foreign non-life insurers in the region. MSI was also awarded the 10th Rank among the world’s Most Admired Companies in the Property and Casualty Insurance field.
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Ogilvy Public Relations Worldwide
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