Royal Sundaram leveraging opportunities offered by the promising market of Madurai, consequent to a robust growth of over 35%
Royal Sundaram Alliance Insurance Company Ltd sees Madurai as a significant hub in Tamil Nadu for growth of its business. Leveraging the flourishing opportunities and to expand size of the market, the company strengthened its presence in the region. PM Venkatasubramanian, chairman, Royal Sundaram inaugurated the new premise, which aims to further fuel growth, and provide exceptional services to its customers. The company continues to extend its access to semi urban, urban as well as rural areas in the coming years.
Royal Sundaram has been present in Madurai since year 2001. Over the decade, the branch has been consistently evidencing growth and currently growing over 35% YoY (year-on-year). Ajay Bimbhet, managing director, said, “Royal Sundaram is witnessing double digit growth, which is better than the industry average. We continue to focus our business on tapping retail opportunities and increasing penetration. Expansion in tier II and III cities becomes one of the significant moves to do so. We have been growing our direct presence based on "Hub and spoke" model. In line with this, Madurai has supported smaller locations like Karur, Dindigul and Tirunelveli. We now, are expecting higher growth from this region and are fully geared to service our growing customer base and supporting our intermediaries in an efficient manner.”
"Hub and spoke" model is an expansion strategy of the company wherein a mature branch expands its reach deeper by sourcing business from the smaller adjoining locations. Madurai branch had been supporting smaller locations like Karur, Dindigul and Tirunelveli and held them up to grow in full-fledged independent branches. It now supports business of locations including Rajapalayam, Aruppukottai, Ramanathapuram, Sivaganga and Karaikudi. The new premise is in the heart of commercial centre, located at 12 A, Bypass Road, Madurai–10. The branch would be headed by K Parvathy.
Kotak Mahindra Mutual Fund new fund offer closes 20th October
Kotak Mahindra Mutual Fund has launched Kotak FMP Series 63 (24M), a close-ended debt scheme.
The investment objective of the scheme is to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk. The scheme will invest in debt and money market securities, maturing on or before maturity of the scheme. The tenure of the scheme is 24 months.
The new issue closes on 20 October 2011. The minimum investment amount is Rs5,000.
CRISIL Short Term Bond Index is the benchmark index. Abhishek Bisen and Mayank Prakash will be the fund managers for the scheme.