Birla Sun Life increases capital to Rs 105.5 cr

New Delhi, Aug 6 (UNI) The promoters of Birla Sun Life Insurance (BSLI) today said it has infused an additional capital of Rs 105.50 crore into the capital base of the enterprise.

''The additional capital will be utilised to strengthen the infrastructure of BSLI. Our distribution network is an area of focus. We are expecting to grow our branch strength with additional branches planned in smaller towns across the country. We expect our branch network to more than double by September 2007,'' BSLI President and CEO Vikram Mehmi said.

The infusion has been in various tranches from April-July 2007 and this enhances the company's capital to Rs 777 crore as of July 31, expanding the company's distribution network and conforming the solvency margin requirements as stipulated by the Insurance Regulatory and Development Authority, a company statement said.

BSLI is a 74:26 joint venture between Aditya Birla Group and Sun Life Financial Inc.

UNI