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July 31, 2001
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Money > Business Headlines > Report July 31, 2001 |
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Srini Raju eyes 9% in MetLife India InsuranceP V Vasanta Kumar C Srini Raju, the ex-chief operating officer of Satyam Computer Services and currently a promoter director of iLabs, has applied for a 9 per cent stake in the Bangalore-based insurance start-up MetLife India Insurance Company Ltd. Chintalapati Holdings Pvt Ltd, a closely-held company belonging to Srini Raju, has applied for the stake worth over Rs 90 million. "It's purely a portfolio diversification decision since the rest of my investments are in infotech," said Srini Raju, who still holds a substantial stake in Satyam Computer Services. MetLife India is a joint venture between MetLife Insurance, the largest life insurance firm in the US, and a group of Indian partners. The joint venture is still awaiting the Insurance Regulatory and Development Authority approval. "We hope to get the final clearance in a few days to launch our Indian operations," said Venkatesh Mysore, managing director, MetLife India. "Since insurance is an advice-driven business, we hope to succeed by offering the clients expert advice on financial planning and educating them," said Venkatesh. While the US company will have a 26 per cent holding in the Rs 1.10 billion initial capital of the joint venture, the Jammu & Kashmir Bank will have a 25 per cent stake, the M Pallonji group 31 per cent, Indian Syntans of Madras 5 per cent, Elpro International of Pune and BDDPL of Calcutta hold 2 per cent each. Powered by YOU MAY ALSO WANT TO READ:
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