Sudip Mukhopadhyay in Calcutta on Monday. A Telegraph picture

Calcutta, Aug. 9: Metlife India Insurance Company is set to lose its ‘India’ flavour. The company is being rechristened Metlife Insurance Company as part of US-partner Metlife Inc’s decision to leverage the ‘Metlife’ brandname globally.

Indian promoters of the private insurance company — Jammu & Kashmir Bank, M. Pallonji & Company and other small investors — have already agreed to the proposal.

Metlife Inc holds 26 per cent in the company, J&K Bank 25 per cent, M. Pallonji & Company another 31 per cent and the remaining 18 per cent is held by a group of small investors.

“It is being done globally to establish the Metlife brandname. The process has begun at all other Metlife operations across the globe. It is expected that by October, Metlife India will become Metlife Insurance. The joint venture agreement between the Indian promoters and Metlife allows such changes,” said Sudip Mukhopadhyay, director of Metlife’s institutional business.

The foreign partner is also open to the idea of increasing its stake to 49 per cent from 26 per cent once the Centre brings in necessary amendments to the present investment rules.

The budget has raised the foreign direct investment limit in insurance from 26 per cent to 49 per cent. However, the left parties who are supporting the Congress-led government have strongly opposed the move.

The promoters of Metlife are also planning to infuse fresh equity of Rs 50 crore in the company by October this year.

In tune with the market demand, Metlife is planning to launch unit-linked products in October. It will seek permission from the Insurance Regulatory Development Authority in September for the launch.

“There is a demand for unit-linked products. But it is not clear whether this demand is justifiable given the volatility in the stock markets,” added Mukhopadhyay.

Metlife has launched a group insurance scheme too. “We have PSUs, Oracle, Peerless, LG, Aventis, Swatch and others as our clients,” he said.