Six Queue Up

Submissions for technical proposals closed on Tuesday evening, but only six parties had responded for the third stage, sources close to the deal said Wednesday.rn

rnThe six parties are believed to be, Janashakthi Insurance, DFCC Bank/Commercial Bank, Eagle Insurance with their principals Zurich, Asia Capital/Asian Alliance Insurance and CT Smith Stockbrokers representing a consortium.rn

rnEarlier 18 parties had expressed interest at the second stage of the transaction.rn

rnThose who dropped out of the deal include, Union Assurance Ltd, Ceylinco Insurance, National Insurance Corp. (now fully owned by Janashakthi Insurance), National Development Bank, Hayleys with AIG Insurance, Australian based AMP Financial Services and London based investment bank Santosh Kurup Associates.rn

rnConsidering the substantial costs and technical expertise involved, industry analysts expect interested parties to form several alliances at the financial stage of bidding.rn

rnThe state appointed technical evaluation committ