IFFCO TOKIO infuses Rs. 125 Crore Capital to fuel expansion
New Delhi, 10th April 2012: IFFCO TOKIO General Insurance Co. Ltd. announced the infusion of additional capital of Rs. 125 crores to fund its expansion plans. The infusion has come from Indian and Foreign promoters in the respective proportion of their shareholding. IFFCO and its Associates hold a 74 percent stake in the general insurance venture while the remaining 26 percent is with Tokio Marine Asia Private Ltd. With this infusion, the total capital infusion by promoters stands at Rs 526.2 Crores in March 2012.
Speaking on the occasion, Mr. S Narayanan, MD & CEO, IFFCO-TOKIO General Insurance Co. Ltd said, "We view this capital infusion as a testimony to the confidence of the promoters 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."
About IFFCO TOKIO General Insurance Co. Ltd.
IFFCO Tokio General Insurance Company 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. The Indian promoter's contribution is 74 percent, while Tokio Marine has contributed 26 percent through Group Company Tokio Marine Asia Private Ltd. IFFCO Tokio has a widespread network of more than 300 offices across the country.