American International Group, the world’s leading insurance and financial services organization, reached a deal to sell another unit on Wednesday.

The battered insurance giant will sell its AIG Systems Solutions Pvt. Ltd., an India-based company, which offers up IT services to AIG companies across the world, to MphasiS, of Chennai, India.

MphasiS, a unit of Hewlett Packard's Electronic Data Systems, stated that around 39% of its income comes from financial services and insurance companies.

SBI Life Insurance Company, an arm of State Bank of India, has announced that it has rolled out `Grameen Shakti` scheme for SHGs in Tamil Nadu (TN) and Puducherry.

SHGs are known as the Self Help Groups.

According to the sources, the conglomerate plans to bring about 0.3 million SHGs under its insurance network in Tamil Nadu.

The company claims that the proposed scheme has got marvellous response in Orissa and a few other states in the country.

Medical care provider Apollo Health and Lifestyle has announced that it intends to pump around Rs 1,400 crore in the coming three to four fiscals on diversifying its footprints across the country with its different formats.

According to the sources, the conglomerate will pump Rs 600 crore in developing around 30 hospitals in Tier II cities across the country under the brand 'Reach Hospitals' and Rs 600 crore to enhance the number of Apollo Clinics to 300 in a period of three to four years.

The government approved the much-awaited comprehensive Insurance Bill that seeks to raise foreign direct investment (FDI) cap in private sector to 49 per cent from 26 per cent.

Briefing the media, Finance minister, P.Chidambaram said, “The Cabinet gave its approval for introduction of the Insurance (Amendment) Bill, 2008, for amendment to Insurance Act, 1938, General Insurance Business Act, 1972, and Insurance Regulatory and Development Act, 1999, in the Rajya Sabha on the basis of the recommendations made by the GoM.”