12:26 AM, June 11, 2013 / LAST MODIFIED: 07:43 AM, June 11, 2013

Japanese life insurer partners with Summit

Share this with

Copy this link
Star Business Report

Japanese life insurance giant Taiyo Life invested $20.3 million to purchase a 12.6 percent stake in the 337-megawatt Meghnaghat power plant of Summit, which is now under construction.
The Japanese giant with a fund of about $50 billion found Summit and Bangladesh as potential destinations for investment.
Taiyo has committed another $20 million for the 344-megawatt Summit Bibiyana 2 power plant and $22 million for a company, Taiyo Summit Life Insurance Co.
Taiyo gave substantial premium to join in the project, said Chairman of Summit Group Muhammed Aziz Khan. Standard Chartered Bank received the telegraphic transfer of $20.3 million, he said.
Taiyo Life has also applied for a licence to set up a life insurance firm jointly with Summit with Tk 300 crore in paid-up capital where Taiyo has brought in $22 million.
Taiyo will take majority share in the insurance business, but not over 15 percent in other businesses with Summit, including power.

Leave your comments

Share this with

Copy this link
Top