ING Group, the Amsterdam-headquartered banking and insurance group, has drawn up plans to scale up the operations of its insurance joint venture in India, ING Vysya Life Insurance, over the next one year.The insurance venture will increase headcount by 66% to 5,000 by end-December 2007. The group has also firmed up expansion plans for ING Vysya Bank, in which it has 44% stake, but the growth strategy hinges on regulatory clearances for opening new branches.ING Vysya Life will be opening offices at 86 locations to add to its current network of 110 branches."India contributed a small portion to our (group's) first two quarter revenues. we want to increase the share," Michael Tilmant, chairman & CEO of ING Group, said."Presently, there is no need to infuse more capital in ING's businesses in India. But we are clear that, whenever required, more capital will be infused," Tilmant added.
