The Hindu : Front Page : Reliance subsidiary acquires insurance company

Online edition of India's National Newspaper
Monday, Aug 01, 2005

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Front Page

Reliance subsidiary acquires insurance company

Special Correspondent

MUMBAI: Reliance Life Insurance Company Limited, a subsidiary of Reliance Capital Ltd. (RCL), on Sunday announced that it had agreed to acquire 100 per cent of the equity share capital of AMP Sanmar Life Insurance Company Limited for an undisclosed amount.

The proposed acquisition will mark the immediate entry of RCL into the exciting growth area of life insurance in one of the world's fastest growing, and most under-served markets, stated a press release issued here by RCL.

RCL already has a subsidiary, Reliance General Insurance Co. Ltd., which is amongst the leading players in the country in the non-life insurance business. AMP Sanmar Life Insurance, jointly owned by AMP of Australia and Sanmar Group, has over 90 offices across the country, over 9,000 agents and over 900 employees, and is presently headquartered in Chennai. Reliance Capital Ltd., part of the Anil Dhirubhai Ambani Enterprises, is one of India's leading financial services companies with interests in asset management and mutual funds, stock broking, insurance and related activities. Upon completion of its ongoing equity infusion, RCL will have a net worth of nearly Rs. 4,500 crores, ranking it among the top three banking and financial services companies in the country in the private sector.

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