``We generally welcomed the move by the Cabinet decision on insurance which is likely to benefit the Indian consumer. The decision paves the way for the introduction of excellent insurance services,'' said DHFL's executive director Kapil Wadhawan.

Speaking to The Indian Express, Wadhawan said that with the government move the funds will pour into the infrastructure sector in the coming years. ``With the opening up of the insurance sector, major foreign players are likely to set up joint ventures in the country. We have already started some inititial action and talks are on with two foreign insurance companies -- one in the US and another in the UK -- for a joint venture,'' he said.

Regaring housing finance, he said that with several nationalised banks and even co-operative banks taking keen interest in funding housing projects, competition inthe housing finance sector has become intensive with companies having a better service record and capability enjoying an edge.

``Since inception in 1984, the company has maintained an impressive track record and the decision to appoint Price Waterhouse is logical in the changing competitive housing finance senario in the country. Now the insurance sector has been opened up... so we have decided to diversify our business,'' he added.