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Mumbai:
The Insurance Regulatory Development Authority (IRDA) and the
Andhra Pradesh Industrial Infrastructure Corporation (APIIC) have
signed an agreement to establish a global institute for insurance,
risk management and other allied financial services in Hyderabad.
According to the
memorandum of understanding, while IRDA will have an equity
participation in the proposed institute in its capacity as a
sponsor, APIIC will hold an equity equivalent to the value of land
transferred by it to the institute. The institute will be set up
in 15 months.
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