Cholamandalam MS General Insurance Company Limited, a joint venture between Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan has enhanced its capital base by Rs. 75 crore through a rights issue.
The networth of the Company which was Rs.435.9 crore in March 2013 has increased by Rs.75 crore through this infusion by its promoters.
The company also informed that it is releasing a multi-media communication campaign to promote its range of Health Insurance products. The core idea of the campaign is to showcase empathy and service excellence with seamless processes. The advertisement portrays Chola MS to be with the customer when s(he) needs us most.
Commenting on the same, Mr. S.S. Gopalarathnam, Managing Director, Chola MS said, “We’ve grown our business by 20% last year. This additional capital infused in our business will be utilized for our business growth and expansion.
We hope to achieve around Rs.2000 crore GWP for the current year. Chola MS has achieved a Gross Written Premium (GWP) of Rs. 906 crore during the April-September 2013.”
