Reliance Life Insurance a subsidiary of Anil Ambani - controlled Reliance Capital, has agreed to buy out Chennai based AMP Sanmar life insurance company for an undisclosed amount. The deal is subject to approval by the Insurance Regulatory and Development Authority (IRDA). ICICI Prudential, HSBC, Aviva and Birla Sun Life were understood to be in contention for the company. AMP Sanmar has a paid-up capital of Rs 217.1O crore with Sanmar group (Chemplast Sanmar) holding 76% and the rest with AMP of Australia.
Last month the partners decided to shed their stakes either wholly or partially. It was a sequel to AMPs decision to stay focused on its core wealth management business in Australia and New Zealand while keeping its Asian focus on asset management through AMP Capital Investors. The acquisition takes Reliance Capital into all financial services without banking with company sources saying there were no plans to acquire any bank. |
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| Posted : 8/2/2005 |
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