Cholamandalam MS General Insurance Co (Chola MS), the joint venture between the Murugappa Group and Japan's Mitsui Sumitomo Insurance (MSIG), has planned to more than double its topline in next three financial years riding the on-coming waves of fresh Japanese and Korean investments in the automobile sector in India.
Chola MS eyes the growth opportunities in the vehicle insurance segment, particularly in the western industrial corridor spanning across Gujarat and Maharashtra.
Japanese, Korean links:
The insurance company has tied-up (formal and informal arrangements) with a number of Japanese and Korean vehicle manufacturers investing in India. It intends to extract maximum mileage out of such links to generate additional automobile insurance business here.
Vehicle segment has been the growth driver for Chola MS contributing 60 per cent to the company's topline.
MSIG, the largest insurer in Japan, has thrown its weight behind Chola MS to achieve the targets.
IFFCO Tokyo is the other insurer in the same space with a Japanese partner.
For more on this, read Business Line
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