ING insurance unit to invest Rs 240 cr in India

Thursday 01, July, 2010 The Indian insurance unit of Dutch financial services firm ING plans to invest Rs 240 crore ($51 million) in 2010/11 to fund expansion in the country, it said on Thursday. "We have a huge opportunity in this market and we are committed to see this business grow," ING Insurance management board member Tom McInerney said in a statement. Last week, ING sold all of its 3.1 per cent stake in India's Kotak Mahindra Bank for $175 million as part of the Dutch firm's 'back to basics' programme announced in April 2009, which included a planned 8 billion euros in asset sales.

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