Ranbaxy, Aegon ink deal for insurance, AMC

The promoter group of Ranbaxy has roped in European insurance major Aegon to float a life insurance and asset management joint venture in India.

Ranbaxy and The Hague-based Aegon signed definitive agreements for setting up two companies today.

Ranbaxy's financial services arm, Religare, would hold 44% stake in the life insurance venture, Aegon 26% and Bennett Coleman, an investor, would hold the remaining 30%, the company said in a release today.

Religare and Aegon would hold 50% stake each in the asset management venture, the release added.