New Delhi: Top mortgage firm, Housing Development Finance Corp Ltd, plans to launch an initial public offer in its life insurance venture by the end of 2009, its chairman said on Tuesday. HDFC Standard Life Insurance Company Ltd, a joint venture in which British insurer Standard Life has an 18.1 per cent stake, started operations in 2000 soon after India opened up the insurance sector for private players.
"We hope to come out with the IPO of the life insurance venture by 2009 end," HDFC Chairman Deepak Parekh told reporters.
HDFC Standard Life's gross premium income for the year to March 2007 stood at Rs 2856 crore ($725 million) and covered more than 877,000 lives until end-March.
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