Mumbai, Dec 24 (UNI) Singapore-based investment group, Orient Global will invest Rs 555 crore in financial services company, India Infoline.
Orient Global has picked up 6.48 per cent equity shares in India-Infoline.
The board of India Infoline also noted a further proposed investment by Orient Global of USD 50 million (Rs 197 crore) for a 10 per cent stake (post-money, fully diluted) in India Infoline's insurance subsidiary, India Infoline Marketing Services Ltd (IIMSL).
IIMSL does its business through its two subsidiaries, India Infoline Insurance Services and India Infoline Insurance Brokers.
The capital provided by Orient Global will be used to expand the company's branch network, establish call centres, invest in new technology, setting up training facilities and general corporate purposes.
In November this year, Orient Global invested USD 76.7 million (approximately Rs 300 crore) for a 22.5 per cent stake in India Infoline's consumer finance subsidiary, India Infoline Investment Services.
Speaking on the occasion, India Infoline Chairman and Managing Director Nirmal Jain said, ''As the financial services sector in India continues its extraordinary growth path, India Infoline has emerged as a dominant player in the broking and insurance distribution space. The capital provided by Orient Global will help us to further grow these businesses.'' UNI