RIL firming up plans for life foray

New Delhi, January 20: | Updated: Jan 21 2002, 05:30am hrs
After a year of its general insurance foray, Reliance Industries is firming up plans to start its life insurance venture hopefully by this year.

"We want to put the facilities, the set up and the people in place. A lot of issues are there before starting the life insurance venture," Reliance Industries managing director Mukesh Ambani told PTI here on the weekend.

The company, which is going solo for its life insurance venture, is expected to come up with the life insurance venture once it finalises its infocom plans.

Reliance would be third company, along with Sahara Life and ECGC, to apply for insurance venture without any foreign partner.

Sources in the Insurance Regulatory and Development Authority (IRDA), however, said the company has sought some time to come up with the requisite capital.

The company is expected to submit before IRDA its infocomplan in the second or third quarter of next fiscal.

Reliance is building a nationwide optic fibre project aspart of its infocom plans which has earmarked a investment of Rs. 30,000 crore. — PTI