Murugappa Enters Non-Life Segment

The Rs 4,200 crore Chennai-based Murugappa group today formally launched its foray into general insurance by inaugurating the Cholamandalam General Insurance Company Ltd (CGICL). CGICL has been capitalised at Rs 105 crore with a 75 per cent stake being held by Tube Investments of India Ltd, a Murugappa group company.

M A Alagappan, chairman, CGICL, said the strength of the Murugappa group arm, Cholamandalam Investment and Finance Company Ltd, will be used to complement the growth of CGICL.