Japanese life insurer partners with Summit

10 June 2013, 18:26 PM

UPDATED 11 June 2013, 07:43 AM

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.