NEW DELHI (UNI): Ranbaxy Promoter Group and Netherlands-based insurance and pension company Aegon on Thursday signed agreement to jointly enter the life insurance and asset management business in India .

The ventures will be implemented by Religare, the financial services division of Ranbaxy Promoters Group, and Aegon.

Ranbaxy Promoters Group will hold a 44 percent stake in the life insurance venture, Aegon a 26 percent stake and Bennett Coleman, an investor, will hold the balance.

"We are very happy to join hands with Aegon to establish business in high growth areas of life insurance and asset management," said Mr. Malvinder Singh of the Ranbaxy Promoter Group.