MSIL to start Chit Fund business

Davanagere, Dec 7(UNI) The state-owned Mysore Sales International Limtied (MSIL) had earned a net profit of rupees 27 crore with a turnover of Rs 1900 crore during 2005-2006.

According to company's sources the MSIL which has licence to market the State lotteries and also source distributers of the Indian Made foreigh Liquors in Karnataka has also entered into Chit Fund business, a first of its kind by any state agency in the country.

The new chit fund venture was intended to ensure safety and security of the public money with a clear aim of customer delight, Mr Ramakanth, General manager, Chit Fund operations, said.

MSIL which had already started its Chit Fund business had received overwhelming response in the Bangalroe division and has plans to extend it to all parts of Karnataka he said.

UNI XR MV RKN1859