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Cholamandalam MS General Insurance Company Limited, a joint venture between Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan has raised Rs 75 crore from its promoters to strengthen its capital base.
S S Gopalarathnam, managing director, Chola MS said that the company's business grew by around 20% last year. This additional capital infused in the business will be utilised for company's business growth and expansion.
With the infusion of additional capital, company's networth which was at Rs 435.9 crore in March 2013 has increased by Rs 75 crore through this infusion.
The company set a target of around Rs 2,000 crore GWP for the current year. Chola MS has achieved a Gross Written Premium (GWP) of Rs 906 crore during the April-September 2013. The company achieved a GWP of Rs 1,621 crore in 2012-13.
The company also informed that it is releasing a multi-media communication campaign to promote its range of Health Insurance products.
Chola MS General Insurance Company Ltd. is a Joint Venture between Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan.
