ICICI PruLife ups capital
ICICI Prudential Life Insurance Company has increased its capital by Rs 95 crore taking the total paid-up equity base to Rs 325 crore to fund expansion plans and support business growth. This capital infusion comes after the company’s equity was hiked in two tranches of Rs 40 crore each in March and June this year, ICICI PruLife said in a release. The two partners, ICICI Bank and Prudential, have contributed capital in the existing proportion of 74:26 respectively, it said. The authorised capital of the company has also been increased from Rs 230 crore to Rs 600 crore, it added. Managing director Shikha Sharma said, “Life insurance is a sector that requires heavy capital inflows in the first five to seven years to support the business growth. Given the long-term nature of the business, it’s essential to commit resources upfront to ensure success.” As on June 30 the company had issued over 1.5 lakh policies with a sum assured of over Rs 4,100 crore and a premium income in excess of Rs 165 crore.
Hero Motors is exploring the option to either acquire the motoscooter division of Italian two-wheeler major Benelli or tie-up with a French firm to source manufacturing technology. The company, part of the Rs 7,000 crore Hero group, has roped in global consulting firm KPMG to advise it on exercising either of the two options and a decision was likely to be taken within two months.
Ingram Micro and Private Limited and Tyco Electronics Limited have launched a marketing tie-up for distribution of AMP Netconnect range of UTP and Fibre range of structured cabling systems products.
Fitch Ratings India has downgraded the ratings of the fixed deposit programme of India Cements Limited to tB (Ind). The rating outlook is negative.
HCL Infinet, the internet subsidiary of HCL Infosystems, has reduced the price of its net telephone card Valufon, with a reduction of over 16 per cent for a call to the US. “A call to the US would now cost only Rs 4.99 per minute, a reduction of over 16 per cent. The calling rates for other countries have also been similarly slashed,” an HCL release said.
Star Cruises has come up with a ‘special family package’ bonanza offer. It comprises a free stay at Genting Resorts, Malaysia for two nights and three days for booking made on SuperStar Virgo for three days and two nights till September 30.
Calcutta-based Simplex Concrete Piles India Limited has signed a deal with Schwing Stetter (India) to buy its M1 batching plant for more than Rs 75 lakh.
D-Link has been voted as the most admired IT vendor for structured cabling and low end networking in the first ever CRN channel polls in India.