Max India to infuse over Rs 1,950 cr in Max New York Life

New Delhi, Dec 7: Max India Ltd (MIL) today said its subsidiary Max New York Life Insurance Company (MNYLIC) plans to inject over Rs 1,950 crore over the next three years towards its share capital.

''The total investment into Max New York Life by both the shareholders would be in excess of Rs 2,600 crore by 2010-11.

Max India, being the 74 per cent shareholder would contribute close to Rs 1,950 crore as its share of capital of which, Max India has already infused around Rs 600 crore,'' said MIL Chairman Analjit Singh in a statement.

Max India has recently raised Rs 1,000 crore through a QIP issue, which will largely get invested into the insurance subsidiary, he added.

The higher level of capitalisation would see Max New York Life adding around 90-100 offices every year going forward and increasing its distribution strength to over 2,00,000 agents in the next 4-5 years, Mr Singh said.

MNYLIC is a joint venture between MIL and New York Life and has 175 offices in 122 locations.

UNI