Financial Daily from THE HINDU group of publications
Tuesday, Apr 05, 2005
Financial Daily from THE HINDU group of publications Tuesday, Apr 05, 2005 |
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Money & Banking
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Pension Plans Birla group eyes pension venture with Sun Life Our Bureau
(From left) Mr James Scott Peterson, Minister of International Trade, Canada; Mr Donald A. Stewart, Chief Executive Officer, Sun Life Financial; and Mr S. K. Mitra, Director, Group Financial Services, Aditya Birla Group; at a press conference in Mumbai on Monday. - - Shashi Ashiwal
Mumbai , April 4 THE Canadian Minister of International Trade, Mr James Peterson, who is on a visit to India, believes that bilateral ties between India and Canada could soon enter a high growth phase. Mr Peterson will hold discussions with the Ministries of Agriculture, Finance and Commerce and Industry. Relationships in the sectors of agro-food, infrastructure and financial services are on the agenda, he said. Mr Peterson said, "Canada's investment in India now is about $246 million. We are looking towards expanding the trade and investment relationship with India. This country's incredible growth rate, liberalisation programmes as well as its capacity to extinguish foreign debt ahead of schedule is remarkable." The Minister was attending a function hosted by Birla Sun Life here on Monday. Sun Life has a total investment of 100 million Canadian dollars in India including Birla Sun Life Insurance, Birla Mutual Fund and Birla Sun Life Distribution Ltd. Mr Donald Stewart, CEO, Sun Life Financial, said, "We are excited by the huge potential of the Indian markets. We have made investments in distribution, launched innovative products and enhanced customer service." Mr S.K. Mitra, Director, Financial Services, Aditya Birla Group, said that with the taking off of the separate pension fund, the Birla group hoped to get into a 50:50 partnership with Sun Life if the equity regulation permits.
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