Gandhinagar:

New India Assurance Co. Ltd., India’s premier multinational General Insurance Company, today become the first insurance company to begin operations at country’s first International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City).

The office was inaugurated by Union Minister of State for Finance & Corporate Affairs Arjun Ram Meghwal in the presence of Gujarat Deputy Chief Minister, Nitin Patel, who is also the in-charge of the Finance department in the state.

Though several banks like SBI, ICICI Bank, IDBI Bank, Kotak Mahindra Bank, YES Bank, Federal Bank and Indusind Bank which are already operating out of their IFSC Banking Units (IBUs) at GIFT IFSC yet the New India Assurance IFSC Insurance Office (IIO) will be the first insurance player at this global financial hub.

Meanwhile, GIFT IFSC has also achieved a major milestone as the total business transactions by the operational IBUs has crossed US$ 1 billion mark.

Chairman & MD of New India Assurance Co. Ltd., Mr. G. Srinivasan, said, “The initiative of the government to set up a world-class International Financial Services hub in the country is a major step forward for the financial sector. With the IIO, we will now be able to provide global insurance services and facilities to our Indian and international customers from GIFT IFSC. Company will also offer re-insurance business to Indian companies operating at off-shore locations. Currently we provide insurance and reinsurance through our branches in other countries. With the IIO we will be able to offer insurance, in dollar denomination or other foreign currencies, to our customers.”

Mr. Ajay Pandey, MD & Group CEO, GIFT City said, “We are proud to have India’s premier multinational General Insurance Company set up base at GIFT IFSC. Business transactions at India’s first IFSC have already crossed the US$ 1 billion mark and we expect the IFSC business to grow by leaps and bounds now. Apart from banking transactions, GIFT IFSC will host the international business transactions from the insurance segment too. We expect to see a multi-fold jump in GIFT IFSC’s business transactions in future due to this development.”

“The initiative of the government for IFSC is helping India emerge as a major hub for international financial services. It is a proud moment for us as the vision of the Prime Minister of making GIFT a hub for International Financial Services is getting fulfilled,” added Mr. Pandey.

Dr. J. N. Singh, Chief Secretary, Govt. of Gujarat, Mr. T. S. Vijayan, Chairman, IRDA, Mr. Sudhir Mankad, Chairman, GIFT City, Mr. Maheswar Sahu, Chairman, GIFT SEZ and Mr. Upendra Vashishth, Development Commissioner, Kandla SEZ, were also present on the occasion.

Notably, The New India Assurance Co. Ltd. was formed by Sir Dorabjee Tata on 23rd July 1919 and is based in Mumbai. The company was nationalised in 1973 and is wholly owned by the Government of India. Since its formation the company has been the market leader and the largest General Insurance Company in India. Its operations are spread over 28 countries and about 2000 offices in India alone. There are more than 200 general insurance products offered by the company. The Reinsurance operations are carried on at its HO and all its foreign branches since inception by well trained personnel.
Part of GIFT City is notified as a multi-service SEZ with IFSC status which is catering to India’s large financial services potential by offering global firms world-class infrastructure and facilities. It is estimated that GIFT would provide 5 lakh direct and an equal number of indirect jobs which would require 62 million square feet of commercial, residential & social facilities with total investment of about Rs. 78,000 crore over next 10 years.
Situated near Gandhinagar, the GIFT City has so far received good response from the leading realty developers as well as leading Banking, Financial services and Insurance(BFSI) and IT players. It has already made allotments of over 15 million square feet of built up area (BUA) in the SEZ and non-SEZ parts for development of Offices, Residential Apartments and other facilities to be developed at an estimated investment of more than Rs 10,000 crore.

Desh Gujarat