Saturday, June 18 2005 17:09 Hrs (IST) - World Time -

Mumbai: Life Insurance Corporation of India, (LIC) which holds over 4.5 per cent stake in Reliance Industries Ltd, today (Jun 18, 2005) said that the pact between Mukesh Ambani and his younger brother Anil to divide the assets protects interests of investors and adds value to their investments.

The insurance player has significant stake in RIL in the form of shareholding and debt exposure of Rs 2,700 crore and the settlement, which are reached this morning between brothers is good for the investors, LIC executive director S C Bhargava told PTI in Mumbai today.

LIC has raised our stake (shares) in the company in the last three months, indicating the confidence in the management and business prospects of the company, he said.

Asked about any plans to seek berth on RIL board to represent stakeholder's interest, Bhargava said they are no plans at present to seek a seat on the board of RIL.