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S Kumar's to go solo in insurance sector

Fabrics and yarn major S Kumar's Synthetics which intends to make a foray into insurance business, has decided to set up its own unit without any foreign partners.

S Kumar's director Vikas Kasliwal felt that the insurance sector should be opened up to the private sector even if this means keeping the foreign firms off the Indian insurance market.

Critising the predominant role of the government in holding the insurance business within the limited public sector players, Kasliwal said that monopoly always let the consumers aspiration down. ''We need splitting the insurance sector into a competing entity,'' he said. The authority should provide a level-playing ground for both private and public sector to operate in the insurance sector.

S Kumar's Synthetics has asked Anderson consultancy firm to prepare a blueprint for its proposed entry into insurance sector. The company would use its existing wholesale and retail distribution network for the planned insurance business.

UNI

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