Consumer durables major Videocon group on Sunday said it had firmed up plans to enter insurance, close on the heels of plans to enter the aviation sector via a last-minute bid for 26 per cent stake in Indian Airlines. The company is talking to three multinational insurance majors-- all from France-- for a possible joint venture in the 74:26 ratio and a decision is likely to be announced early next year, a senior official said.

"We have decided to get into non-life insurance since insurance is going to be one of the major pillars of the new economy in future. This is our second diversification decision after bidding for IA," Chairman of Videocon international V N Dhoot told PTI in New Delhi. Denying that entry into these two sectors would tantamount to unrelated diverisification into non-core areas, Dhoot said, "Our mainstay is consumers and providing excellent service to them. Both the insurance and the aviation sectors are service oriented.
Bureau Report