Hindujas locate partner for foray into insurance

NEW DELHI, Nov 15: The UK-based Hinduja group plans to venture into the insurance sector and has identified an Indian partner, group chairman S P Hinduja has said. "Hindujas have decided to enter the insurance sector through its group company Indusind, " he said.

However, he declined to reveal the name of domestic partner saying, "We have identified a local partner but at the moment the group is not ready to disclose details." He said the group would make its foray into insurance once the guidelines regarding foreign equity and NRI participation were announced. The group, which has a turnover of Rs 3,200 crore from Indian operations, has diversified into banking, finance, automobiles, pharmaceuticals, media and telecom sectors.