Exide to continue investing in ING Vysya Life Insurance
21 July 2011
Automobile battery major Exide Industries today said it would continue investing in ING Vysya Life Insurance Company, and would pump in more funds as and when required.
According to T V Ramanathan, chief executive officer, the company was in the insurnace sector for longer term growth. He added the company believed in long-term benefit of shareholders and had board approval to invest in ING Vysya.
He said this year the company had board approval for investing up to Rs150 crore. Ramanathan was speaking on the sidelines of the company's AGM in Kolkata today.
to Abott and also sold its . Piramal Healthcare, currently, has more than Rs 3000 crore post the sale of the two businesses, which
Drug maker Piramal Healthcare, which sold its sold its formulations business to Abbott Laboratories in May last year (See: Abbott is India's biggest pharma firm after $3.7-bn Piramal deal), and diagnostics business to Super Religare is sittting on a Rs3,000-crore pile and is to expand into financial service, was reportedly in talks with to acquire Enam Financial's stake in ING Life Insurance.
Meanwhile, Exide plans to expand capacity for both two-wheeler and four-wheeler batteries this fiscal and infuse around Rs370 crore during the year.