MUMBAI, JANUARY 24: THE insurance venture promoted by Sun Life Assurance of Canada and the Aditya Birla group is expected to begin operations within the next 12 months.The joint venture will be headed by an expatriate nominee from Sun Life. Subject to Insurance Regulatory & Development Authority clearance, the board of the JV will consist of two representatives each from the Birlas and Sun Life. Said Chairman of Sun Life Donald Stewart "Out of Rs 300 crore earmarked for investment in India, around Rs 150 crore has already been pumped into the three existing ventures with the Birlas. We expect to break even in 5-7 years." The partners will keep the equity base of the company at the minimum level of Rs 100 crore.
