Bajaj Allianz to infuse Rs 500-cr capital

"Our present capital base is Rs 1,210 crore. This year we will be infusing up to Rs 500 crore fresh capital. We will do this as and when required," BALI's Chief Executive Officer Kamesh Goyal said here.

He, however, made it clear that the capital infusion is not going to take place in the current quarter but in the subsequent quarters.

Goyal said the company had incurred a loss of Rs 19 crore in the financial year ended March 31, 2008, against a net profit of Rs 63 crore in FY07. But added that the company was close to break even.

"Whether we achieve that this year or in the next year is not an issue. We are only looking at maintaining growth rate with profitability," he said.

BALI is looking at 10 per cent market share by 2010 from 8.3 per cent now. "We are on the right track to achieve the target," Goyal said. BALI also expects to sell around 4.5 million policies this fiscal, up from 3.7 million in the previous financial year.

However, he declined to give the projected growth in premium income saying, "It is difficult to predict."