Moneycontrol Bureau
Shares of Muthoot Finance jumped over 2 percent intraday on Tuesday on its plans to foray into insurance sector. The gold loan company is aiming to enter insurance sector and is scouting for a foreign partner for it.
George Muthoot Jacob, Senior Vice-President (Legal, Corporate Affairs and Marketing) of the company said that the insurance business will need an initial investment cap of Rs 300 crore.
Meanwhile, the Kerala-based company which operates hospitality business under Muthoot Leisure and Hospitality has recently made its first overseas acquisition by purchasing a boutique property in Costa Rica.
Muthoot Finance has assets under management of about Rs 5,914.11 crore. It has about 4,500 centres across the country.
At 12:34 hrs Muthoot Finance was quoting at Rs 162.00, up Rs 1.50, or 0.93 percent.
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