Royal Sundaram Alliance Insurance to infuse Rs 65 cr

NEW DELHI: Private sector general insurer Royal Sundaram Alliance Insurance today said its promoters will inject Rs 65 crore into the company.

The Royal Sundaram will inject Rs 65 crore into the business, taking the total paid up capital and premium of the company to Rs 275 crore, Royal Sundaram Alliance Insurance said in a statement.

The capital infusion would be completed by the end of this month.

"This injection of the capital will support our plans of continued growth and expansion. Going forward, Royal Sundaram plans to continue keeping its focus on retail business," Royal Sundaram Alliance Managing Director Ajay Bimbhet said.

He said the company would close the financial year with gross premium collection of more than Rs 1,000 crore.

Royal Sundaram Alliance Insurance Company Ltd is a joint venture between Sundaram Finance and UK's RSA Insurance plc, where the former holds 74 per cent and the latter 26 per cent of the equity.