Ageas to snap up 40% in Royal Sun­daram

India Business Journal - - FINANCE -

Ageas In­sur­ance In­ter­na­tional will pick up a 40 per cent stake in Royal Sun­daram Gen­eral In­sur­ance, a Chen­nai-based com­pany pro­moted by Sun­daram Fi­nance of the TVS Group. Ageas will fork out Rs 1,520 crore to ac­quire 40 per cent eq­uity stake in the in­sur­ance ven­ture. Cur­rently, Sun­daram Fi­nance holds 75.9 per cent in Royal Sun­daram. It pro­poses to di­vest 25.90 per cent and re­tain 50 per cent af­ter the di­vest­ment. Royal Sun­daram Gen­eral In­sur­ance Co is the coun­try's first pri­vately-owned gen­eral in­sur­ance com­pany that was li­censed in 2000. For the year ended March 31, 2018, Royal Sun­daram gen­er­ated gross writ­ten premium of Rs 2,643 crore and re­ported a profit af­ter tax of Rs 83 crore.

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