Cholamandalam MS General Insurance said its promoters have infused an additional Rs 50 crore as part of their growth plans.

Cholamandalam MS General Insurance is the joint venture between the USD 3.8 billion Murugappa Group and Japan-based Mitsui Sumitomo Insurance Group.

The company has enhanced its capital base by Rs 50.05 crore through a rights issue for growth and expansion plans, Chola MS General Insurance said in a statement.

"The networth of the company which was Rs 257 crore in March, 2011 has increased by Rs 50 crore through this infusion by its promoters," it said.

"This additional capital infused in our business will be utilised for our business growth and expansion. We are well on our way to achieve our business plan of Rs 1,200 crore for the current year..", Chola MS Managing Director S S Gopalarathnam said.

During the period April and August 2011, the company achieved a Gross Written Premium (GWP) of Rs 546 crore, up 36.9 per cent over the same period of last year.

In 2010-11, the company achieved a GWP of Rs 968 crore. It has 96 branches and over 7,500 agents across the country.