Shriram General Insurance is hopeful that its acquisition of Philippines- based general insurer Monarch Insurance will supplement the growth of the consolidated entity than being a drag on a capital intensive industry.
"We don't think, the acquisition will be a drag on the consolidated entity as we consider Philippines as a growth market. Also, the capital invested is not very high," Group Director, Shriram Group, G S Sundararajan told PTI.
Shriram General Insurance which raised its stake in Monarch Insurance from 40 per cent to 61 per cent said that this acquisition will be reflected in the balance sheet of the company in the current financial year.
Shriram General Insurance is the wholly-owned subsidiary of financial services conglomerate, Shriram Capital.