HDFC Standard Life plans to hit capital market next fiscal

Private sector insurer HDFC Standard Life today said it plans to come with an initial public offer (IPO) in the next fiscal.

"We plan to come with an IPO in 2010-11. The board has not yet set a specific deadline. But that's what we are looking at," HDFC Standard Life Executive Director and Principal Officer Paresh Shreesh Parasnis told reporters here at a product-launch event.

However, he said, the IPO would also depend on the Insurance Law Amendment Bill.

The bill seeks to increase the FDI cap in private insurance firms from 26 per cent to 49 per cent. HDFC Standard Life is a joint venture between India's Housing Development Finance Corp and Britain's Standard Life Insurance.

The life insurer today launched a child plan HDFC Youngstar Super and a pension scheme HDFC Pension Super.

HDFC Standard Life also plans to launch three more products-Endowment Super, Endowment Plan and Children's Plan by the end of this year.