Max New York Life to invest Rs 200cr in two months

Private insurer Max New York Life today said it plans a capital investment of around Rs 200 crore by March this year to meet growth plan.

"Depending on growth, we do expect capital infusion around Rs 150-200 crore during this quarter," Max New York Life Insurance CEO and Managing Director Rajesh Sud said at the launch of its child nurture progamme I-Genius.

During the current fiscal the company has made small capital investment about Rs 2 crore, he said, adding that the paid-up capital stands at Rs 1,784 crore.

Asked about the business outlook, Sud said that it is picking up and industry is expected to witness a growth of 15-20 per cent in the next fiscal.

Max New York Life expects better-than-average industry growth, he said, adding that the company has collected Rs 1,365.79 crore in the first nine months of the current fiscal.

The company, that commenced operation in 2001, expects to break even by 2011, he said. The company has 715 offices across the country.

Talking about the child campaign, Sud said that the programme intends to support talent development of children by identifying and rewarding those who display all-round skills, he said.