July 1 (Reuters) – The Indian insurance unit of Dutch financial services firm ING (ING.AS) plans to invest 2.4 billion rupees ($51 million) in 2010/11 to fund expansion in the country, it said on Thursday.
“We have a huge opportunity in this market and we are committed to see this business grow,” ING Insurance management board member Tom McInerney said in a statement.
Last week, ING sold all of its 3.1 percent stake in India’s Kotak Mahindra Bank (KTKM.BO) for $175 million as part of the Dutch firm’s ‘back to basics’ programme announced in April 2009, which included a planned 8 billion euros in asset sales. [ID:nSGE65N07R]. ($1=46.7 rupees) (Reporting by Bharghavi Nagaraju)