new delhi liberty videocon general insurance a joint venture between the videocon group and the usbased liberty mutual insurance group has got the final approval from the irda to start operations in india with its entry the total number of general insurance companies in india has gone up to 27 we are looking forward to making a substantial difference in the indian nonlife insurance market said roopam asthana ceo designate director of liberty videocon general insurance the mumbaibased company which will start with an initial capital of rs 300 crore is giving finishing touches to its insurance products asthana says his company will focus sharply on the customer and is in the process of implementing a stateoftheart technology platform for a completely seamless and speedy buying experience though the company is a late entrant to an overcrowded market the promoters are upbeat about the prospects indias rapidly rising personal income levels mean more and more indians will be buying insurance to protect their property and possessions said david long liberty mutuals president and ceo we have an exceptional partner and a very professional management team in place we believe the combination will enable us to provide highquality products and service in the growing indian insurance market place commenting on the development venugopal n dhoot cmd videocon industries said videocon group has a strong presence in the indian consumer space ranging from white and brown goods to mobile telecom services covering entire geography of india domain expertise of liberty mutual insurance group coupled with our huge platform of brand trade and customer relationships should provide a robust business model to our general insurance business the bostonbased liberty mutual insurance is a diversified global insurer and the third largest property and casualty insurer in the us it ranks 84th on the fortune 100 list of largest corporations in the us based on 2011 revenue it offers a wide range of insurance products and services including personal automobile homeowners workers compensation property commercial automobile general liability global specialty group disability reinsurance and surety