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Friday February 18

Japan's Millea to Sell Insurance for Toyota Cars in India

Millea Holdings Inc, the holding company of Tokio Marine & Nichido Fire Insurance Co, plans to boost its insurance business in India by selling car insurance policies for Toyota Motor Corp's new models, according to a report by the Nihon Keizai Shimbun.

Japan's largest non-life insurance group aims to capture a more than 50 percent share of the insurance market for Toyota cars in India, with New India Assurance Co, a national Indian insurance firm expected to take up the rest of the market. Under its plan, Millea's joint venture with a local fertilizer company will offer the car insurance policies through about 80 Toyota dealerships.

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