New Delhi, Feb. 6: ING Vysya Life Insurance plans to raise the paid-up capital of the company by another Rs 50 crore by March this year.
This is the second time since the insurer launched its operations in September 2001 that it will infuse fresh capital. The company, which started commercial operations with an investment of Rs 110 crore, raised the capital base by Rs 30 crore last year.
Speaking to The Telegraph, N.N Joshi, chief representative of ING Vysya Life Insurance, said, “Plans are afoot to raise the equity by at least Rs 50 crore sometime before March. We have already expanded our business last year and hope to do the same this year as well. Expansion implies the need for greater capital. I think it's just the right time for it.”