Shriram Group to enter into General Insurance sector

Visakhapatnam, January 29, 2008

Signs agreement with Sunlam of South Africa

The Managing Director of Shriram Transport Finance Company R Sridhar said that they had signed an agreement with Sunlam of South Africa for entering into General Insurance sector after a successful stint in the Life Insurance sector. He expected clearance from the Insurance Regulatory Authority at any time.

Sridhar said that the Head Office of the company would be located at Jaipur. He added that they ventured into life insurance two years ago in partnership with Sunlam with Shriram holding 74 percent equity. This relatively new venture has already crossed a premium collection of Rs.300 crores. With the presence of 70,000 consultants in every nook and corner of the country, diversified product marketing had turned easy for the group.

On chit business, he said Shriram Chits had an auctioned turnover of Rs.3,000 crores. The business is concentrated in Andhra Pradesh, Tamil Naidu and Karnataka and Andhra Pradesh itself is on top with an annual auctioned turnover of Rs.1800 crores. On Real Estate, he said that the Shriram Properties head quarter at Bangalore had bought Standard Motors in Chennai and Hindustan Motors in Kolkata and had an ambitious plan to take up development of IT parks and other super structures.

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