ING insurance unit to invest $51 million in India

The Indian insurance unit of Dutch financial services firm ING plans to invest Rs2.4 billion ($51 million) in 2010-11 to fund expansion in the country, it said on Thursday.

"We have a huge opportunity in this market and we are committed to see this business grow," ING Insurance management board member Tom McInerney said in a statement.                          

Last week, ING sold all its 3.1% stake in India's Kotak Mahindra Bank for $175 million as part of the Dutch firm's ''back to basics'' programme announced in April 2009, which included a planned 8 billion euros in asset sales.