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IDBI,Federal Bank invests Rs 2.5 bn in insurance venture

IDBI Bank,Federal Bank and Fortis Insurance International have together invested 2.5 billion rupees in its life insurance venture to expand business.

Written by Reuters | Mumbai | Published: March 17, 2009 12:06:31 pm

IDBI Bank,Federal Bank and Fortis Insurance International have together invested 2.5 billion rupees in its life insurance venture to expand business.

The funds were invested as per the shareholding pattern,a statement from the insurance venture IDBI Fortis Life Insurance said on Tuesday.

IDBI Bank owns 48 per cent in the venture,while Federal Bank and Fortis own 26 per cent each.

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