Tube Investments to sell 14% stake in Cholamandalam MS General Insurance

Tube Investments of India is planning to sell 14 per cent stake of Cholamandalam MS General Insurance to its joint venture partner Mitsui Sumitomo Insurance Company of Japan for Rs 882.67 crore. The company has received its board’s approval for the same. On completion of the deal, Mitsui Sumitomo will increase its ownership in Chola MS to 40 per cent from 26 per cent.

Tube Investments of India is the flagship company of the Murugappa Group with multiple businesses ranging from diversified auto-ancillary products, bicycle retailing to financial services and insurance.