“Though all the verticals witnessed good growth, majority of the premium collection came from motor and health segments,” a New India Assurance official said
Public sector general insurance company, New India Assurance has achieved Rs10,000 crore premium collection for the FY12, on the back of strong growth in motor and health insurance verticals, a top company official said.
“We have reached Rs 10,000 crore premium collection in the last fiscal year on the back of sound growth in both domestic and international business,” the official told PTI on the condition of anonymity.
As per the Insurance Regulatory and Development Authority (IRDA), New India Assurance had collected Rs6,367.33 crore in premium amount for the period April 2010 to February 2011, which was 17.2% growth over its business of Rs5,431.9 crore over the corresponding period of the previous fiscal. Referring to the growth in various verticals, the official said motor and health insurance segment contributed significant part of the total premium collected during the last fiscal.
“Though all the verticals witnessed good growth, majority of the premium collection came from motor and health segments,” he said. The official further said growth prospects look better in the current fiscal due to uptick in economic activity.
“We are hopeful of maintaining the present growth momentum in the current fiscal as the economic outlook looks better during this year,” he said. Also, the expected rise in risk premium is likely to benefit the company in FY13 as per industry experts.
The Mumbai-headquartered general insurer has a network of 1,068 offices, comprising 28 regional offices, 393 divisional offices and 648 branches. The company also has around 23 overseas branches across Asia, Africa, and Australia among others.
“The objective is to fulfil a substantial part of the funding requirements to complete the proposed acquisition of Paras Personal Care business by the company,” Marico said in a communication to shareholders
FMCG firm Marico Ltd said it will sell 4.56% stake in the company to two foreign investors for up to Rs500 crore to fund acquisition of the personal care business of Paras from Reckitt Benckiser.
The company, which has already received board approval to sell 3.42% stake to Indivest Pte Ltd, an affiliate of Government of Singapore Investment Corporation Pte Ltd and another 1.14% stake to Baring India Private Equity Fund III Listed Investments Ltd, is seeking shareholders' nod for the same.
“The objective is to fulfil a substantial part of the funding requirements to complete the proposed acquisition of Paras Personal Care business by the company,” the company said a communication to shareholders.
The consideration payable for the proposed acquisition shall be funded by the company through an infusion of fresh equity and internal accruals, it added.
Marico is proposing to allot 2,94,11,764 equity shares of face value of Re1 each at a premium of Rs169 per equity share aggregating upto Rs500 crore.
Last week the company's board had approved to issue 2,20,58,823 shares to Indivest Pte Ltd. The board had also approved issue of 73,52,941 shares to Baring India Private Equity Fund III Listed Investments Ltd.
In February, Marico had entered into an agreement with Reckitt Benckiser to acquire the personal care business of Paras Pharmaceuticals for an undisclosed amount.
Reckitt had acquired both pharmaceuticals and personal care business of Paras Pharmaceuticals for Rs3,260 crore in April 2011.
Mumbai-headquartered Marico is known for brands like Parachute coconut oil, Kaya skincare service, Saffola brands of oats and wheat flour, among others.
Marico’s shares closed at Rs171 per share on the Bombay Stock Exchange, 0.44% up from the previous close.
If definitive agreements are reached, Suzlon will deliver the turbines under a full EPC agreement
Wind turbine manufacturer Suzlon Group has been selected as the preferred supplier by Cennergi for a 138 MW wind energy project currently under development in South Africa. No financial details of the deal were provided. Cennergi is an equal joint venture between South Africa’s Exxaro Resources (Exxaro) and the Tata Power Company, India`s largest private power utility.
Cennergi has chosen to use 66 of Suzlon’s S97-2.1 MW turbines for the project, located in the Eastern Cape Province of South Africa. If definitive agreements are reached, Suzlon will deliver the turbines under a full EPC (engineering, procurement and construction) agreement.
If it goes ahead, project construction is expected to commence towards 2013.
In the late afternoon, Suzlon Energy was trading at around Rs24.70 per share on the Bombay Stock Exchange, 1.79% down from the previous close.