Tuesday, July 12, 2005

LIC to foray into Saudi Arabia

Life Insurance Corporation the most trusted brand in insurance in India plans to come up with an initial public offer for its joint venture in Saudi Arabia and is considering foray into Australia and New Zealand Life Insurance Corporation of India along with Life Insurance Corporation International (Bahrain) and New India Assurance a well known brand in general insurance will hold 31 per cent stake while Al Hoiker group of Saudi Arabia will have 29 per cent interest in the Indo-Saudi Insurance Company being floated with a initial capital of about Rs 114 crore. Life Insurance Corporation has decided to foray into overseas markets where New India has operations. Government has provided Rs 280 crore to LIC in the budget for the seed capital required for the overseas ventures.