IFFCO TOKIO General Insurance has infused an additional capital of Rs 125 crore to fund its expansion plans. The fund infusion has come from Indian and foreign promoters in respective proportion of their share holding.Â
IFFCO and its associates hold 74 per cent stake in the general insurance venture while the remaining 26 per cent is with Tokio Marine Asia Private.
With this infusion the total capital infusion by promoters stands at Rs 526.20 crores at March 2012.
“We view this capital infusion as a testimony to the promoter’s confidence in the joint venture. At a time when the insurance market is both competitive and growing, we have plans to increase market share and sustain profitable growth,†said S Narayanan, MD & CEO of IFFCO-TOKIO General Insurance.
IFFCO Tokio General Insurance is a joint venture promoted by Indian Farmers Fertiliser Co-operative (IFFCO) and its associates and The Tokio Marine and Nichido Fire, the largest insurance company in Japan. IFFCO Tokio has a widespread network more than 300 offices across the country.
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