Date:23/02/2005 URL: http://www.thehindubusinessline.com/2005/02/23/stories/2005022301950600.htm

Back AMP Sanmar hikes capital to Rs 217.1 cr

Our Bureau

Chennai , Feb. 22

AMP, Australia and the Chennai-based Sanmar Group have added fresh capital of Rs.57.10 crore to their life insurance joint venture, AMP Sanmar, taking the company's capital to Rs 217.10 crore.

The additional capital matches the current shareholding of the joint venture partners — 74 per cent from the Sanmar Group and 26 per cent from AMP, says a press release from the company.

The additional capital will fund AMP Sanmar's plans for fiscal 2005. This year, AMP Sanmar will tap newer markets in Maharashtra by adding nine branches in the State. In all, the branch network will grow by 27 to touch 103.

AMP Sanmar is looking at gratuity and pension funds management for Indian corporates. "We have had strong growth in new business in 2004-2005, but more gratifyingly, all our existing clients have renewed their agreements with us," Mr Graham Meyer, Managing Director, AMP Sanmar, has said in the release.