ING to invest $51 mn in India

The Indian insurance unit of Dutch financial services firm ING plans to invest Rs 2.4 billion 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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