In a major move after becoming a universal banker from a development financial institution, IDBI Ltd was in the process of floating an insurance company in the life category, its chairman V P Shetty said.
IDBI had already appointed an insurance consultancy firm Watson & Wyatt to work out a model, Shetty said, adding that the matter would be crystallised within two to three months.
Shetty said IDBI would like to have a joint venture partner in the life insurance venture and that it could be either a domestic or an overseas company. Later, IDBI would think of entering the non-life sector, he said.
Besides focussing on sectors like power, road and infrastructure, IDBI would also look at funding corporates going for acquisitions abroad, he said.
As of March 2005, the asset base of IDBI was to the tune of Rs 81,000 crore (Rs 810 billion), which would go up to Rs 90,000 crore (Rs 900 billion) at the end of this financial year.
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