Chennai, Oct 27 (IANS): Public sector non-life insurer, United India Insurance Company Ltd hopes to enter the Sri Lankan market by the end of this year as it views good potential there, said a top company official.

"We hope to start operations in Sri Lanka this fiscal. We may have a branch there or a wholly owned subsidiary there," Milind Kharat, chairman-cum-managing director told reporters here Monday.

According to him, the company is looking at the Sri Lankan regulations governing the insurance sector.

"The start up capital in Sri Lanka is not huge. Capital is not a constraint for us. In all probability we will go it alone in Sri Lanka," M. Vasantha Krishna, director and general manager told IANS.

He said the Sri Lankan market offers good business and the economy is also growing there.

"It will be a good move for the company as it is headquartered here and no other Indian public sector, non-life insurer is there," Krishna said.

He said the company has to get the nod from the Indian insurance regulator for overseas foray.