Sunshine Capital to foray into insurance broking

Sunshine Capital has informed exchanges that its board has decided to move forward with expanding the company’s operations into the insurance broking business. According to the company, the move will allow it to better serve clients by offering personalized insurance solutions.

“This move is intended to broaden our range of financial services. By entering the insurance broking sector, the Company seeks to take advantage of the projected growth in India’s insurance industry, expected to be the fastest-growing among G20 countries,” the company said in an exchange filing. 

Also, the board has resolved to explore the possibility of listing the company on the main board of the National Stock Exchange (NSE).

Recently, the company sanctioned an amount of Rs 1964 million to Man Stainless Steel Tubes Limited (MSSTL) to support the development of a state-of-the-art manufacturing unit in Kathua, Jammu & Kashmir. This project, which involves the production of Non-API Electric Resistance Welded (ERW) Carbon Steel Pipes, marks a significant expansion in the manufacturing sector, with a planned capacity of 250,000 metric tons per annum.