RIL sees insurance venture break-even in 2 yrs

OCT 2: "We expect that the general insurance company will break-even in the second year," S Narayanan, who would head the Relian...

OCT 2: "We expect that the general insurance company will break-even in the second year," S Narayanan, who would head the Reliance Industries’ non-life venture. The group has filed application with the Insurance Regulatory and Development Authority (IRDA) for both life and non-life venture with an initial investment of Rs 200 crore each.

"We have already expedited the process. The group wouldbe setting up offices exclusively for insurance in 11 major cities to start with," he said.

Exuding confidence that his company would be able tocompete with state owned general insurance corporation and its four subsidiaries, Narayanan said "It has been a track record of Reliance that in all areas the group entered, it has succeeded."

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Apart from the GIC arms, no company has so far announce dsetting up of such a huge network in the first year itself although most of them would use offices of the group companies to operate their insurance ventures.

Narayanan said the group would invest Rs. 25 crore for the new offices to be taken on rent in prime cities.

Reliance is also in the process of recruiting top-notch officials to head the insurance ventures in the respective cities. The officials would be mostly from the GIC and its subsidiaries.

"The group has the largest pool of trained manpower, and this would be replicated in the insurance ventures also," he said.

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About products, the Reliance official said the group would come with all the existing products that Life Insurance Corporation and GIC offers today.

"There would be synergies with the businesses that Reliance are into including petrochemicals, power and telecom, which would bring about growth in our insurance ventures," Narayanan said and added that the group would also rope in fresh customers through its marketing acumen.

‘Bangladeshis’ and ‘ghuspaithiyas’: BJP MP Brij Lal stops five sanitation workers on road in to quiz them on video

‘Bangladeshis’, ‘ghuspaithiyas’: On camera, BJP MP quizzes 5 sanitation workers

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BJP MP and former UP DGP Brij Lal has sparked controversy with a video accusing five sanitation workers in Lucknow's Gomti Nagar Extension of being Bangladeshi infiltrators. Lal, a former IPS officer, claims to know how terrorism works and alleges that these workers are a threat to the nation. He appeals to CM Yogi Adityanath to deport them and claims they have fake identities.

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