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Monday, October 27, 2014

United India keen on entering Sri Lanka

Public sector general insurer United India as part of its plans to have presence overseas, was keen on setting up its first office in Sri Lanka, a top official said today.

“We are looking at Sri Lanka. We have not yet finalised. It is still in the early stages..”, United India Insurance Company Ltd Chairman and Managing Director, Milind Kharat told reporters here.

The company had earlier set up office in Hong Kong but was shut in 2002.

Elaborating, he said, “We are keen in starting one office in Sri Lanka. We have to get the regulatory approvals, clear the formalities...”.

United India Insurance, Director and General Manager, M Vasantha Krishna said the company was serious about setting up the footprint in Colombo.

“We are serious about it. Hopefully, we are looking at setting up an office this year...,” he told PTI later.

Asked on whether the company would set up the overseas office through a joint venture partner, Kharat clarified that the company would set up its office on its own. “We will be going alone there“.

To a query on the common third-party administrators mooted by public sector general insurers, Kharat said it was expected to function from next year.

“Yes, it is taking shape. IT consultants have been appointed. From next financial year, it will start functioning. It will be operating in New Delhi and Mumbai“.

On the wage revision issue, Kharat said the company has completed two rounds of talks with employees and offered 10.5 per cent increase in revision. “Discussion has been going on.

Of course, the demand is more. We have offered 10.5 per cent (increase)...,” he said.

Source : The Hindu


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