'Religare to be run by independent board'

Religare is now more than a financial investment, says Mohit Burman

- Ranjani Raghavan & Suneera Tandon

Religare Enterprises is now more than a financial investment for the Burman family, Dabur India chairman Mohit Burman said, after its proposal to take control of the insurance and financial services firm. In August, the family had categorised its stake in Religare as a financial investment.

In an email interview, Burman said his family, which has made various financial investments, will set up an independent board and management for Religare after completing the acquisition.

“This is more than a financial investment. We have made an offer for management control, and we value the platform. We plan to grow the business and increase wealth for all stakeholders," Burman said.

The Burmans also own shares in other financial services and insurance firms like Aviva Life Insurance, DMI Finance, and Universal Sompo General Insurance, but have minority stakes in these businesses.