News: Religare mulls MF joint venture with Aegon

(ACERC 22/08/2006) Mumbai - Ranbaxy-promoted Religare plans to form an asset management company in joint venture (JV) with the Netherlands-based Aegon. Today mutual fund is the best investment option. The capital structure is yet to be finalised. Recently, Religare signed an MoU with Aegon and launched the ER Capital India Fund. With this the company has entered insurance and asset management sector in the country. Bennett, Coleman & Company is Religare's third promoter partner in life insurance segment. In the proposed JV, Bennett, Coleman & Company will own 30 per cent and Religare will hold 44 per cent.

For the business, Religare is targeting 250 branches, 1000 business partners in 300 cities and seven international offices by the year-end. At present, the company has over 175 branches and over 350 business partners spread across 180 cities in the country an two international offices. "With these expansions we aim to touch Rs 2,000 crore. Apart from this, the company also plans an IPO through one of its subsidiaries Religare Securities. The main holding company is Religare Enterprises.