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April 7, 2001
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Money > Business Headlines > Report April 7, 2001 |
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Insurance joint venture success key to Old Mutual's India plansFreny Patel Old Mutual Financial Services has no intention of building additional bridges with its Indian insurance partner Kotak Mahindra Finance until the venture -- OM Kotak Mahindra Life Insurance Company -- succeeds. This is in contrast to other insurance alliances where the foreign partners have invested far more in related financial services, including banks and mutual funds. This rules out the UK-based Old Mutual picking up any stake in KMFL's proposed banking subsidiary at this point of time. However, Hasan Askari, deputy chairman of OM Kotak Mahindra Life Insurance Company and director of Old Mutual, did not rule out a future alliance. He said: "We want to be sure this joint venture is working as a partnership and a business before thinking of anything else." However, Old Mutual is looking at opportunities in India, considering the entire gambit of services under its global umbrella including banking, fund management, security brokerage and insurance. Askari highlighted the importance of the Indian market in the ambit of Old Mutual's worldwide plans. "India will provide us with a template and the experience to go forward to other markets," said Askari. Its insurance foray in India is Old Mutual's first diversification outside South Africa, Europe and US. In 1999, when Old Mutual demutalised and was listed on the London Stock Exchange it had identified plans to enter India -- even before the insurance market was opened up to private players. Old Mutual will leverage strongly on Kotak Mahindra's brand as a household name and supplement it with its insurance expertise. Askari stressed on Old Mutual's advantage over other players in distribution and products. "Through our experience in South Africa, we have developed a distribution mechanism that meets financial needs which are modest and well-disbursed," said Askari. Old Mutual has the advantage that meets modest financial needs and income levels. Powered by ALSO READ:
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