| Media house, Bennett, Coleman & Company will be the third promoter partner in a life insurance company Ranbaxy promoter group company, Religare, is launching.
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| The third partner is the Netherlands’ insurance major Aegon, which signed a memorandum of understanding with Religare in early July 2006. Bennett, Coleman will own a 30 per cent stake in the proposed life insurance joint venture.
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| Religare will hold 44 per cent and the remaining 26 per cent by Aegon. Bennett Coleman is a prominent media house with interests in print, television, radio and internet.
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| The partners expect to sign final agreements in the next few months and expect to have the partnership operational in the second quarter of 2007.
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| Aegon and Religare have cited Bennet, Coleman’s expertise in creation of brands and strategies in marketing as factors that would significantly enhance the partnership.
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| Aegon is one of the world’s largest life insurance and pension companies, and a strong provider of investment products. Aegon’s three major markets are the US, the Netherlands and the UK.
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| In addition, the group is present in a number of other countries including Canada, China, Czech Republic, Hungary, Poland, Slovakia, Spain and Taiwan. |
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