The insurance regulator has given the first level approval to ITIBSE 1.23 %, a company owned by Sudhir Valia, for reinsurance business. Valia is the brother-in-law of billionaire Dilip Shanghvi, the promoter of Sun Pharma
The reinsurance market in India is estimated to be $2billion. ITI Investment is a subsidiary of Fortune Financial Services, which is controlled by Valia.
Click here to read more>>