Mumbai: Life insurer IDBI Fortis Life Insurance Co. Ltd on Tuesday announced a Rs250 crore capital infusion to expand its business.
IDBI Bank will contribute Rs120 crore, while partners Federal Bank and Fortis Insurance International will infuse Rs65 crore each.
The three partners will contribute as per their share holding pattern, the company said in a statement.
IDBI holds 48% in IDBI Fortis Life Insurance, while Federal Bank and Fortis own 26% stake each in the life insurer.
IDBI Fortis, which launched its operations last March with an initial capital of Rs200 crore, is targeting a network expansion to set up 100 branches in the country.