SBI, Cardiff to add capital in insurance JV

Kolkata: State Bank of India and its French partner Cardiff will invest Rs 200-225 crore ($51-$57 million) in their life insurance venture in India by March to expand business, an official said on Thursday.

The investment will be in the proportion of their current holdings, U S Roy, managing director of SBI Life Insurance Co Ltd told reporters.

Government-run State Bank, India's largest lender, owns 74 per cent in the venture, with Cardiff, a unit of BNP Paribas, holding the remaining 26 per cent.

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Premium income will more than double to Rs 7000 crore in the current fiscal year to March, from Rs 3000 crore a year earlier, Roy said.

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