According to a recent press report, the Cholamandalam MS General Insurance has said that its promoters have invested an additional capital of Rs.50 crore for the growth of the company.
Cholamandalam MS General Insurance Company is a joint venture between Murugappa Group and Japan – based Mitsui Sumitomo Insurance Group. A recent report from the company stated that it has increased its capital base by Rs. 50.05 crore by issuing rights for the growth and expansion plans of the company.
This capital infusion has increased the net worth of the company by Rs. 50 crore which was Rs.257 crore in March, 2011.
Mr. S.S.Gopalarathnam, Managing Director of Chola MS said that this additional capital invested by its promoters would be used for the growth and expansion of the company. The company is being on a right track to accomplish its current year business target of Rs. 1200 crore.