India has approved a maritime insurance pool of 129.8 billion Indian rupees ($1.40 billion), Ashwini Vaishnav, minister for Information and Broadcasting, said on Saturday.
The pool is for 10 years can be extended to five more years, Vaishnav said in a briefing. The fund comes at a time when the Iran war has increased the risks to shipping and hiked up insurance costs for businesses.
($1 = 92.5980 Indian rupees)
(Reporting by Ashwin Manikandan, Editing by Louise Heavens)
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