Leading domestic financial entities on Friday said they were exploring the possibility of entering the health segment while venturing into insurance.
Officials from ICICI Ltd, Infrastructure Leasing & Financial Services (IL&FS) and State Bank of India (SBI) told Business Standard they had plans to enter the health sector.
"SBI is also looking at a joint venture in the health sector along with life insurance," chairman G G Vaidya said.
"In fact, SBI would be writing a letter to the Reserve Bank of India tomorrow itself seeking approval to appoint a consultant to shortlist the insurance partner," he said.
Outlining ICICI's plans, senior general manager Kalpana Morporia said, "We have tied up with Prudential for venturing into life insurance but are open to the health sector also."
IL&FS officials said the institution was scouting for a partner in the health and general sectors.
"Although the joint venture between Ranbaxy, Cigna and IL&FS to venture into health and general insurance has ceased, IL&FS has not given up plans for insurance foray," one official said.
Though Industrial Develop-ment Bank of India has announced its plans for an insurance foray, it is yet to work out details.
"Currently we are looking at life insurance but have not given a serious thought to the general and health sectors," one official said.
The Lok Sabha cleared the Bill to open up the insurance sector on Thursday with four amendments suggested by the Congress.
One of the amendments stipulates that the regulator should give priority to health insurance while issuing certificates of registration.
The Rajya Sabha will take up the Bill on Monday and may vote on it on Tuesday. eta name="description" content="The Foreign Investment Promotion Board has allowed Shell India (P) Ltd, the wholly owned arm of Anglo-Dutch oil major Shell, to undertake trading in bitumen and other petrochemicals in India.">
