Tata motors in association with IFFCO Tokio General Insurance Company annou...
Tokio Marine purchased the new 23% stake for Rs.2,530 crore and moved their holding to 49% which is the maximum allowed limit for foreign ownership in Indian insurance companies.
IFFCO Tokio General Insurance which is now the 4th largest general insurance company in India, offers all retail and group non-life insurance solutions such as car insurance, two-wheeler insurance, health insurance, travel insurance and business insurance.
By increasing its stake in the Indian joint venture, Tokio Marine has demonstrated their commitment towards the Indian market and announced that they are here for a long haul.
The management of IFFCO Tokio also suggested that while they are already making profits and can for Initial Public Offering (IPO) neither IFFCO nor Tokio Marine is keen to pursue this option in the near term.