The Hindu Business Line : Religare, AEGON in life venture

The Ranbaxy Promoter Group and the Netherland-based AEGON on Thursday inked a definitive agreement to enter the life insurance and asset management business in India.

The ventures will be implemented by Religare, the financial services division of the Ranbaxy Promoter Group, and AEGON.

In a statement issued here, the company said that while Religare will own 44 per cent of the business, AEGON will own 26 per cent with Bennett Coleman holding the rest as an investor.

The asset management business has been structured on equal ownership basis between Religare and AEGON.

Religare is expanding its financial business both in India and overseas. Commenting on the partnership, Mr Shivinder Mohan Singh said "these ventures are part of the strategic initiatives of the group to consolidate its position."

"We are confident that with Religare as our partner, we cam build on our respective capabilities to maximise the opportunities emerging across the country," Mr Alexander Wynaendts, member of Executive Board of AEGON NV said.

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