QBE AND RAJAN RAHEJA IN JV FOR GENERAL INS

21/July/2007
The QBE Insurance Group, Australian major -- has entered India's growing general insurance market by signing a joint venture agreement with diversified conglomerate Rajan Raheja Group.
According to sources, QBE will invest around seven million dollars initially for a 26 per cent stake in the JV, to operate in the Indian general insurance business.
A managing director will also be nominated by QBE and provide technical expertise. It has the option to increase its equity to 50 per cent ,if the Indian legislation permits so.
Frank O’Halloran, the QBE CEO has said that the group is excited about the opportunity to work in India 's rapidly growing general insurance market. He also expressed his delight on his partnership with the Rajan Raheja Group, which has extensive interests in India and a track record of successful joint ventures with foreign partners.
Subject to IRDA approval, the joint venture company expects to begin trading in early 2008