Aditya Birla Nuvo to infuse Rs 800 cr in life insurance arm
Press Trust of India / Mumbai Jan 29, 2010, 21:56 IST
Aditya Birla Nuvo is planning to infuse over Rs 800 crore in its life insurance arm, Birla Sun Life Insurance (BSLI), by the end of next financial year, a top company executive said today.
"We will be adding over Rs 800 crore in our life insurance venture over a period of next 15 months," Aditya Birla Nuvo Chief Financial Officer Sushil Agarwal told reporters here.
Of the Rs 800 crore, the company is planning to pump in Rs 400 crore into BSLI in the current quarter depending on the growth, he said.
"It (investment of Rs 400 crore) has been targeted that way, but all will depend on what kind of growth we will achieve in this quarter in our life insurance business," Agarwal said adding the firm may invest Rs 375 crore in the next financial year depending on its requirements.
This fiscal so far, the company has infused Rs 200 crore into BSLI and its current capital base is Rs 2,100 crore, he said.
The private insurer is a joint venture between the Aditya Birla Group and Canada-based financial services company Sun Life Financial Inc.
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