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Aviva to infuse another Rs 45 cr by January
New Delhi, May 27: Dabur Group and UK-based CGU will infuse an additional Rs 45 crore to hike their capital base to Rs 200 crore in its life insurance joint venture by January, 2004.
New Delhi, May 27: Dabur Group and UK-based CGU will infuse an additional Rs 45 crore to hike their capital base to Rs 200 crore in its life insurance joint venture by January, 2004.
"We will have to certainly bring in additional capital of about Rs 45 crore, probably by January, because of increased business," Aviva CEO Stuart Purdy said here.
With this additional infusion, the total paid-up capital would stand at Rs 200 crore, including the Rs 45 crore capital brought in 2002-03.
The 60:40 joint venture, which is the youngest entrant in India after opening up of the sector, started with an initial capital of Rs 110 crore.
Almost one year since it started operations, the industry circles believe that Aviva had overtaken at least two other insurance companies including Metlife and AMP Sanmar, in total business volumes.
Asked about this performance, Purdy attributed it to the bancassurance for which it had already entered into agreement with American Express Bank, Global Trust Bank, Lakshmi Vilas Bank and Canara Bank.
Bureau Report
With this additional infusion, the total paid-up capital would stand at Rs 200 crore, including the Rs 45 crore capital brought in 2002-03.
The 60:40 joint venture, which is the youngest entrant in India after opening up of the sector, started with an initial capital of Rs 110 crore.
Almost one year since it started operations, the industry circles believe that Aviva had overtaken at least two other insurance companies including Metlife and AMP Sanmar, in total business volumes.
Asked about this performance, Purdy attributed it to the bancassurance for which it had already entered into agreement with American Express Bank, Global Trust Bank, Lakshmi Vilas Bank and Canara Bank.
Bureau Report