Max Life Set To Invest Rs 550 Crore

The promoters of Max New York Life Insurance Co Ltd (MNYL), the Max group and New York Life Insurance, have earmarked Rs 550 crore for the joint venture till 2007 as part of its first phase of expansion.

Max group will be investing close to Rs 350 crore, while New York Life Insurance will invest a total of Rs 200 crore. The investment plan has been drawn up till 2007 because the life insurance company expects to turn profitable by that time.