This JV has a paid up capital of Rs 200 crore, with BoB holding an equity stake of 44 per cent, followed by Andhra Bank and Legal and General of UK with 30 and 26 per cent respectively.
Briefing reporters IndiaFirst Chief Executive Officer R Nandagopal said “Insurance being capital intensive business, all the partners have committed to a combined total capital infusion of Rs 2500 crore in the next 10 years.”
The initial product range would cover the needs of savings, education and retirement.
(Published 10 November 2009, 16:21 IST)
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