Promoters infuse Rs 25 cr into ING Vysya Life

BANGALORE: THE three promoters of city-based ING Vysya Life Insurance (IVLI) have pumped in additional capital of Rs 25 crore taking the total paid-up capital to Rs 790 crore. Speaking to ET, IVLI MD and CEO Kshitij Jain said that there were plans to bring in more capital to meet the growing business needs. The partners in IVLI are ING Group, Exide Industries and Gujarat Ambuja besides Enam group.

While former promoter, GMR Group, sold its stake to the battery-major Exide Industries, cement giant Gujarat Ambuja’s entry was facilitated by the exit of another promoter-ING Vysya Bank.

“We should have a paid-up capital of over Rs 1,200 crore by December 2008, which should take care of funding requirement as we speed up our growth prospects,” he added. Mr Jain was sanguine of IVLI’s total premium income crossing the Rs 1,000-crore mark by December this year and going past Rs 2,000 crore by December 2008. “We hope to have 40,000 advisors (agents) and be present in over 200 cities by December this year,” he said.

The infusion of capital comes at a time when the Indian insurance industry has seen the entry of large number of foreign players. Today the sector has attracted various Indian markets, which includes banks and real estate majors like DLF and retailer Future Group.