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Mitsui Sumitomo raises stake in Indian JV to 40%

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Mitsui Sumitomo raises stake in Indian JV to 40%

TubeInvestments of India Ltd. said March 31 that it completed the of 41,832,798 equityshares with a face value of 10 rupees each in Cholamandalam MS GeneralInsurance Co. Ltd. to Mitsui Sumitomo Insurance Co. Ltd., for a totalconsideration of 8.83 billion rupees.

The MS&AD Insurance Group Holdings Inc. unit'sshareholding in Cholamandalam rose to 40% from 26% following the transaction,while Tube Investments' shareholding in the Indian insurance firm dropped toabout 60% from about 74%.

Tube Investments is a unit of the Murugappa Group.

Asof April 1, US$1 was equivalent to 66.36 Indian rupees.