News eDaily07 May 2018

India:Plea made for National Insurance's HQ to remain in Kolkata

07 May 2018

West Bengal Finance Minister Amit Mitra has written to the Union Finance Minister Arun Jaitley ,urging him not to shift the headquarters of state-owned National Insurance from Kolkata.

Mr Mitra wrote: “After the announcement of the merger of the three public sector insurance companies in the Union Budget this year, I am apprehensive that the headquarters of the National Insurance Company might now be shifted away from Kolkata.” 

National Insurance, based in Kolkata for the last 111 years, is in fact already building a state-of-the-art head office in the newly developed financial hub in the city to expand its business, reports Press Trust of India.

The move to shift the company’s headquarters would not only hurt the interest of the state’s people also that of the people of the eastern part of the country, said Mr Mitra.

“I therefore, strongly urge you not to move the company headquarters from Kolkata,” he said.

As part of the divestment of public sector entities, the 2018-19 Union Budget had proposed to merge National Insurance, United India Insurance (headquartered in Chennai) and Oriental Insurance (headquartered in New Delhi) into one entity and subsequently list the new entity on the stock exchanges.

Discussions are being conducted on the merger of the three insurers that the central government wants to see completed by the end of next March.

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