Star Union Dai-ichi Life Insurance Company, a joint venture life insurance company promoted by Bank of India, Union Bank of India and Dai-ichi Mutual Life Insurance Company, Japan, is planning to pump in an additional capital of Rs 100 crore in 2009-10.
The proposed infusion is to support the company’s expansion plan and meet the target of Rs 500 crore premium in 2009-10, according to a company representative.
Speaking to reporters after opening the company’s regional office in Chennai, which will cater to four southern states, M Balachandran, chairman, Star Union Dai-ichi Life Insurance Company, said the additional capital of Rs 100 crore would take the total capital of the company to Rs 250 crore.
The proposed infusion will help the company reach its premium target of Rs 500 crore in 2009-10, he said.
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