Mumbai (PTI): Bajaj Allianz Life Insuarnce (BALI), a joint venture between Bajaj Auto and Allianz SE, on Thursday said it would infuse upto Rs 500 crore fresh capital and hope to sell 4.5 million policies in the current fiscal.

"Our present capital base is Rs 1,210 crore. This year we will be infusing upto Rs 500 crore fresh capital. We will do this as and when required," BALI's Chief Executive Officer Kamesh Goyal said here.

He, however, made it clear that the capital infusion is not going to take place in the current quarter but in the subsequent quarters.

Stating that the company was "very very" close to break even, Goyal said that the company had incurred a loss of Rs 19 crore in the fiscal ended March 31, 2008 as against a net profit of Rs 63 crore in FY'07.

"Whether we achieve that this year or in the next year is not an issue. We are only looking at maintaining growth rate with profitability," he said.

BALI is looking at 10 per cent market share by 2010 from 8.3 per cent now.

"We are on the right track to achieve the target," Goyal said.

BALI expects to sell around 4.5 million policies this fiscal, up from 3.7 million in the previous fiscal. Since its inception in 2001 Bajaj Allianz has sold over seven million policies.

However, he declined to give the projected growth in premium income saying, "It is difficult to predict".

The February-March period was a bit slow for the industry, he said attributing it to volatility in the stock market. "April-May was Ok," he said.