Aegon and Ranbaxy Promoter Group today signed definitive agreements to jointly enter the life insurance and asset management business in India. The ventures will be implemented by Aegon and Religare, the financial services division of Ranbaxy Promoter Group. Ranbaxy Promoter Group will hold a 44 percent stake in the life venture, Aegon a 26 percent stake and Bennett Coleman, an investor, will hold the balance. The asset management venture has been structured on an equal ownership basis between Ranbaxy Promoter Group and Aegon.
"We are very happy to join hands with Aegon to establish business in the high growth areas of life insurance and asset management", said Malvinder Mohan Singh of the Ranbaxy Promoter Group. "With this partnership we demonstrate our long term commitment to the financial services sector", he added.
"India is an important market for Aegon given the significant growth potential for the products and services we provide", said Alexander Wynaendts, member of the Executive Board of Aegon N.V. "We are confident that with Religare as our partner, we can build on our respective capabilities to maximize the opportunities emerging across the country."
Religare is expanding its financial business both in India and overseas. Also commenting on the partnership, Shivinder Mohan Singh of the Ranbaxy Promoter Group said: "These ventures are part of the strategic initiatives of the Group to consolidate its position and become a meaningful player in the financial sector covering a wide spectrum of activities."