Ranbaxy Promoter Group has roped in European insurance major AEGON to float life insurance and asset management joint ventures in India.
Ranbaxy and The Hague-based AEGON on Thursday signed definitive agreements for setting up two companies.
Ranbaxy's financial services arm, Religare would hold 44 per cent stake in the life insurance venture, AEGON 26 per cent stake and Bennett Coleman, an investor, would hold 30 per cent stake, the company said in a release.
In the asset management venture, Religare and AEGON would hold 50 per cent stake each, it said.
Commenting on the agreement, AEGON NV member of the Executive Board Alexander Wynaendts said: "India is an important market for AEGON given the significant growth potential for the products and services we provide."
Ranbaxy Group's Shivinder Mohan Singh said these ventures were part of the strategic initiatives of the Group to consolidate its position and become a meaningful player in the financial sector covering a wide spectrum of activities.
"We are very happy to join hands with AEGON to establish business in the high growth areas of life insurance and asset management", said Ranbaxy Promoter Group's Malvinder Mohan Singh.