Japan's Mitsui Sumitomo to increase stake in Indian joint venture

Posted On: Sep. 10, 2015 12:00 AM CST

Sources have said that Japan-based Mitsui Sumitomo Insurance Co. Ltd. is planning to increase its stake in its Indian joint venture Cholamandalam MS General Insurance Co. Ltd. to 49% from the current 26%, reports domain-b.com citing The Economic Times.

"Mitsui is in advanced stages of discussion to increase stake in Cholamandalam General Insurance," an official at Cholamandalam said. Cholamandalam MS General Insurance said that it aims to achieve gross premium of 25 billion Indian rupees ($377 million) in 2015-16 fiscal year.