The registration will enable India First Life to expand its reach globally, the company said in a statement.
India First Life Insurance on Wednesday said it has received the registration to undertake life insurance business in the Gujarat International Finance Tec (GIFT) City-International Financial Services Centre (IFSC).
The registration will enable India First Life to expand its reach globally particularly to tap non-resident Indians, the company said in a statement.
In GIFT City, the companies can only do business in dollar.
The organisation is all geared to embark on the journey, once the necessary formalities are in place, it said.
”IndiaFirst Life is proud to be the first Indian life insurance company to receive the GIFT City IFSC registration. We aim to enhance our market presence and capitalize on the customer outreach opportunities at a global level,” the company’s deputy CEO Rushabh Gandhi said.
India First Life Insurance is a three-way venture with Bank of Baroda having 65 per cent stake, Union Bank of India (9 per cent) and private equity major Warburg Pincus (26 per cent).