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Raja Simhan T E

Chennai , Feb. 6

POLARIS Software Lab has increased its stake in AIG Systems Solutions (AIGSS) to 20 per cent from less than one per cent.

Polaris in the December 2004 quarter invested Rs 3.26 crore for the 20 per cent stake in AIGSS, which is a joint venture between Polaris and American International Group Technologies (AIGT), according to a Polaris official.

AIGT is a subsidiary of the $81 billion US-based American International Group (AIG).

The AIGSS was formed in December 2002 with AIG being the dominant stakeholder and Polaris having a miniscule stake.

The then business plan was to ramp up the scale of operations from 100 employees to 1,000 employees in three years.

Eventually, the joint venture company would look at offering services for other insurance companies as well.

The tie-up combines Polaris' IT expertise with AIG's insurance strength.

At present, there are around 350 employees working in the joint venture, the official said.

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