The National Insurance Company, Oriental Insurance Company and United Insurance Company will get the additional capital, information and broadcasting minister Prakash Javadekar told reporters after the cabinet meeting.
“Cabinet approves capital infusion of Rs 12,450 crore for three public sector general insurance companies – Oriental Insurance Company Limited, National Insurance Company Limited and United India Insurance Company Limited (including Rs 2,500 crore infused in FY2019-20),” an official spokesperson said in a tweet.
Cabinet approves capital infusion Rs.12,450 crore for three Public Sector General Insurance Companies – Oriental In… https://t.co/vlBNrOkLEZ
— K.S. Dhatwalia (@DG_PIB) 1594203240000
The recapitalization will make the three state-owned general insurance companies more stable, the minister said.