New Delhi, May 28: HDFC and US-based Standard Life are likely to invest Rs 75-100 crore to increase the equity base of their life insurance venture, which aims for over 120 per cent growth in business this fiscal. "We may have to bring in Rs 75-100 crore this year," HDFC Standard Life CEO Deepak Satwalekar said here.
With the proposed capital infusion, the equity base of the company would go up to over Rs 300 crore.
The capital infusion is required in order to adhere to IRDA's stiff solvency norms.
The two promoters added Rs 55 crore last fiscal to the initial capital of over Rs 160 crore, as the company's business posted handsome growth. Bureau Report