Religare Rearrange Asset Management Business In India - Nov 21, 2008

Religare and AEGON has announced restructuring plans relating to their partnership for the asset management business in India. These changes have been driven by the new business opportunities which have arisen in the Asia Pacific region and the desire of each partner to achieve their strategic goals in the asset management area in the region.

Under the revised structure proposed to the regulators Lotus Mutual Fund, (recently proposed to be acquired by the company) would be rechristened as the company's asset management business in India and AEGON would assume control of Religare AEGON Mutual Fund, which is currently the joint venture between the two parties. Both the company and AEGON are firmly committed to building globally scalable businesses of excellence. This rearrangement is subject to SEBI and other approvals.

However, this rearrangement shall not at all alter or disturb the other joint venture between the company and AEGON for life insurance. The life venture continues to have the firm commitment of both partners to take it to a market leading position.The company made this announcement during the trading hours today, 21 November 2008.