Rs 100 cr capital infusion into ING Vysya Life

Bangalore, Dec 8 (UNI) ING Vysya Life, a leading life insurance company, tody announced a capital infusion of an additional Rs 100 crore, thus increasing the paid up capital to Rs 640 crore, company Managing Director and CEO Kshitij Jain said today.

Addressing newspersons here, he said the Board of Directors of ING Vysya Life met here today and decided to pad up the capital base from Rs 540 crore to Rs 640 crore to support the life insurer's expansion plans for 2007.

The company, with presence in over 80 cities and more than 130 branches in its five years in the business, had plans to increase the number of branches to 320 and to support this expansion, the promoters would infuse a capital of Rs 700 crore over the next three years to eventually raise the total paid up capital to Rs 1,340 crore. The company proposed to expand its business to 200 more cities by next year and reach an ambitious turnover of one billion US Dollars in the next four years, he said.

Mr Peter A Smyth, Regional General Manager, ING Insurance Asia Pacific said India was one of ING's fastest growing markets and the company had a long-term commitment to India and the Indian life insurance market.

Mr S B Ganguly, Chairman, Exide Industries Limited, which holds substantial share capital with ING Vysya Life, exuded confidence that ING Vysya Life would double its revenue to Rs 1,400 crore.

Henceforth, Exide batteries' guarantee card would carry ING Vysya Life's profile, he added.

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