Cholamandalam Investment and Finance Company Limited

 Cholamandalam Investment and Finance Company Limited (Chola) and Karur Vysya Bank Limited (KVB) ink partnership for co-lending business

Co-lending partnership with KVB opens up new business opportunities by enabling access to new customers for both KVB and Chola

The model not only allows both companies to scale their portfolio effectively but also uses an effective composite risk management framework that inculcates the risk appetites of both companies

Karur Vysya Bank the leading private sector bank, and Cholamandalam Investment and Finance Company Limited (Chola), the financial services arm of the Murugappa Group, jointly announced that they have successfully launched Co-lending business in partnership.

The co-lending model is a great opportunity for banks and NBFCs to draw upon each other’s strengths. Co-lending business will significantly help Chola and Karur Vysya Bank to expand their reach to new customer segments across the country where Chola has a stronger presence to target high value loan segments such as construction equipment and Commercial vehicles.

Sharing his thoughts on the same, Mr. Ravindra Kundu (Executive Director, Cholamandalam Investment and Finance Company Limited) said, “Our mission at Chola is to enable our customers enter a better life and we continue to innovate to deliver this. We strongly believe our co-lending partnership with KVB will help us garner market share across segments of customers due to our stronger presence throughout the country. Co-lending is a new direction for Chola but we are confident that this will soon evolve into a very fruitful partnership model for KVB and Chola.

Mr. Natarajan J (President and Chief Operating Officer, Karur Vysya Bank) said, “Chola enjoys a unique position in the industry today due to its strong customer relationship built over four decades and reliance on an inherent value system. The partnership will help the Bank expand its commercial customer base and also provide upselling and cross selling opportunities.

L&T Launches 7th Offshore Patrol

 L&T Launches 7^th Offshore Patrol Vessel for Indian Coast Guard

Sets new benchmark with ahead of schedule launch of all 7 OPVs of the series

Continuing its unique performance on construction of defence vessels, L&T launched the seventh and final Offshore Patrol Vessel (OPV) for the Indian Coast Guard (ICG) today at its Defence Shipyard at Kattupalli, north of Chennai.

The vessel was launched at the hands of Mrs. Hema Somanathan and was named ‘ICGS Vigraha’, in the august presence of the Chief Guest Dr. TV Somanathan (IAS), Secretary (Expenditure), Ministry of Finance, DG K Natarajan, PTM, TM, Director General of Indian Coast Guard, Mr JD Patil, Whole Time Director (Defence Business) and Member of the L&T Board and other dignitaries.

The vessel is the last in the series of seven Offshore Patrol Vessels (OPVs) contracted to L&T by the Ministry of Defence in March 2015. With this programme, L&T has redefined the performance standards in India's Defence Shipbuilding history. Numerous benchmarks were set during execution of the programme including the following:1.    For the first time, entire design and construction of the OPV class of ships undertaken by an Indian private sector shipyard

 

2.    Delivery of ‘First of Class’ OPV ‘ICGS Vikram’ ahead of contractual schedule

3.    Achieving the build period of mere 19.5 months, clearing all Sea Acceptance Trials in a single sea sortie for 5^th OPV ‘ICGS Varad’

4.    Delivery of five OPVs of the series so far, all ahead of contractual schedule

In just over a decade from the receipt of L&T’s first defence shipbuilding order in March-2010, L&T has in-house designed, constructed and delivered 59 defence vessels exemplifying its ‘Made in India’ resolve to make India Self-reliant and Stronger. These include 5 Offshore Patrol Vessels, a Floating Dock and 53 Interceptor Boats with the remarkable achievement of delivering on all contracts either ahead or on schedule – a hallmark of L&T’s commitment to core values of speed, scale and quality.

OPVs are long-range surface ships, capable of operation in maritime zones of India, including island territories with helicopter operation capabilities. Their roles include coastal and offshore patrolling, policing maritime zones of India, control and surveillance, anti-smuggling and anti-piracy operations with limited wartime roles.

The vessel is approximately 98m long, 15m wide, has 3.6m draught, 2140 T displacement and a range of 5000 NM. It can attain a sustained speed of up to 26 knots. The entire design and construction process has been certified by American Bureau of Shipping as well as Indian Registrar of Shipping and overseen by the Indian Coast Guard’s resident team at Kattupalli.

L&T showcased the resolve and highest level of commitment to progress with production of OPVs despite numerous challenges due to the COVID-19 restrictions, collapse of global supply chain and scant availability of human resources.

Commenting on the launch, Mr. S.N. Subrahmanyan, CEO & MD, Larsen & Toubro, said: “L&T resolutely stands with Indian Armed Forces to equip them with cutting edge defence technologies. Ahead of schedule launch of ‘ICGS Vigraha’ in these challenging times will pave the way for her early deployment by the Coast Guard, which has assumed greater significance in current geopolitical situation.”

“L&T has affirmed its commitment to ‘Make in India’ in defence with largest spectrum of defence solutions on offer through decades of in-house R&D, huge investments in setting up state-of-the-art defence production facilities and development of competent human capital. L&T’s capabilities in defence are able to provide much needed impetus to ‘Aatma Nirbhar Bharat’ in defence,” added Mr. Subrahmanyan.

Mr. Jayant Patil, Whole-time Director and Sr. Executive Vice President (Defence & Smart Technologies), L&T said: “L&T has accomplished this launch through innovative ways to overcome unprecedented challenges posed by COVID-19 over the past 6 months. Our pursuit of technology, continuous innovation, attention to inbuilt quality, and adoption of Modular Construction philosophy combined with Shipbuilding 4.0 processes enables unmatched speed of execution to deliver defence ships on time.”

“L&T continues to raise the performance bar by consistently delivering defence vessels ahead of schedule under all MoD programmes. With unparalleled execution track record and robust financial strength, L&T is uniquely positioned to play a leading role in augmentation and modernization of Indian Navy and Coast Guard fleets and consistently deliver ‘Make in India’ in defence in true sense,” added Mr. Patil

L&T is also richly contributing to the upkeep of Indian Naval and Coast Guard fleets by routinely undertaking their repairs/refits and upgrades including emergency repairs and inspection with exemplary delivery performance.

Besides the Launch the Yard is readying for Delivery of the 6^th OPV and the 54^th Interceptor Boat during the current Month

Star Health and Allied Insurance announces

Star Health and Allied Insurance announces Bancassurance tie-up with Karur Vysya Bank to provide Health Insurance to customer

~KVB will make available health insurance products of Star Health across all its branches~

Health is a concern across the world, now particularly so with the COVID – 19 pandemic playing havoc with millions of lives globally. Star Health and Allied Insurance, the leading standalone health insurance company in India, has entered into a strategic partnership with Karur Vysya Bank to offer innovative health insurance solutions to the Bank’s Customers.

Through this tie up, all Customers of Karur Vysya Bank will have access not only to digitally purchase appropriate Health Insurance Plans of Star Health and Allied Insurance but also access all the value added services such as “STAR WELLNESS” and Tele Health Consultation through “TALK TO STAR”.

Customers of the Bank can also purchase through the IRDAI certified and trained Specified Persons appointed by the Bank across its entire Branch network in the Country.

Speaking of the tie up, Anand Roy, Managing Director, Star Health and Allied Insurance Co. Ltd said “The Covid 19 pandemic has brought to the fore the need for a health insurance cover for all. We are happy to tie up with Karur Vysya Bank and offer a wide variety of need based health insurance policies for the bank’s customers.”

Mr. J. Natarajan, President & Chief Officiating Officer, Karur Vysya Bank said, “Karur Vysya Bank is happy to partner with Star Health & Allied Insurance.  As the first standalone health insurance company in India, they bring a lot of value with their products.  We are sure that they will provide both cost effective insurance products and quick settlement of claims to our customers.”

Star Health and Allied Insurance Email ID: suryakanth.s@starhealth.in Mobile No: 9789044995