RattanIndia announces new subsidiary – Neotec Insurance Brokers

RattanIndia Enterprises Limited said that it has incorporated a fully-owned subsidiary called ‘Neotec Insurance Brokers Limited’.

According to the Indian conglomerate, Neotec Insurance Brokers has been founded with an aim of engaging as direct insurance brokers in general and life insurance.

RattanIndia Enterprises said that Neotec Insurance Brokers will seek a licence from the Insurance Regulatory and Development Authority of India (IRDAI) in due course.

The authorised share capital of the new insurance brokerage is INR 1,00,00,000 divided into 10,00,000 equity shares of INR 10 each while the paid-up share capital is INR 5,00,000 divided into 50,000 equity shares of INR 10 each.