Financial Daily from THE HINDU group of publications
Saturday, Jul 30, 2005
Financial Daily from THE HINDU group of publications Saturday, Jul 30, 2005 |
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Money & Banking
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Life Insurance Reliance Cap in talks to buy AMP Sanmar Our Bureau
Chennai , July 29 RELIANCE Capital has said that it is in talks with AMP Sanmar Life Insurance Company's promoters to acquire 100 per cent shareholding in the company. Confirming news reports on the subject, Reliance Capital has said that it is "in active discussions" to acquire full stake in AMP Sanmar Life, through its subsidiary Reliance Life Insurance Company Ltd. At least another company, Aviva Life Insurance Company has officially said that it was interested in AMP Sanmar stake. AMP Sanmar Life is a joint venture between AMP of Australia and the Chennai-based Sanmar group. AMP recently announced that it was getting out of life insurance business worldwide. The announcement surprised many because only in February had the two partners announced infusion of fresh capital of Rs 57.10 crore to the company, taking the capital base of the life insurer to Rs 217.10 crore. It had then said that it would "tap newer markets" by adding 27 branches in 2005. In a press release on February 22, AMP Life's Managing Director, Mr Graham Meyer, had said: "We have had strong growth in new business in 2004-05, but more gratifyingly all our existing clients have renewed their agreements with us." Today, when contacted by Business Line, Mr Meyer said, "We are not commenting on anything as negotiations are going on," and declined even to indicate a timeline on the conclusion of the negotiations.
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