Kerala-based, Muthoot Group has expressed the high possibility to enter the Indian insurance space soon. At the time of launching Asha Gold Scheme, George M Jacob (Senior Vice President of Muthoot Finance) said that they were planning to submit the application to set up an insurance company soon. They are on the lookout for a foreign partner to enter the insurance sector since the existing rules mandate a joint venture between an Indian entity and a foreign insurance company.
Muthoot group, which is wholly owned and managed by the Muthoot Family, is a 126-year-old business house operating in Financial Services, Information Technology, Media, Healthcare, Education, Power Generation, Infrastructure, Plantations, Precious Metal, Tourism, and Hospitality. The Group made over $4 Billion in revenues during 2011-2012. Mr. Jacob said, “We are planning to submit application for insurance license very soon. Insurance in India has to have a foreign partner. We are actually are on the lookout for a foreign partner,”
Established in the year 1939, Muthoot Finance Ltd falls under the category of Systematically Important Non-banking financial company(NBFC) of the RBI guidelines. The company has more than 4,050 branches spread across 23 states of the country. Muthoot Finance is the largest Gold Loan NBFC and has the largest network of branches for a Gold Loan NBFC in India.
