Wednesday July 4, 02:23 AM
Reliance Cap readies Rs 2,000-cr investment for life business
|
|
By Corporate Bureau
The Anil Ambani led Reliance Capital, which has a presence in the mutual fund, insurance, stock broking and private equity space, on Tuesday said it would start its consumer finance business shortly. "We will start the consumer finance business shortly," Reliance Capital chairman Anil Ambani said while addressing shareholders at the company's AGM. While denying any move to become a bank, Ambani said that the company might consider promoting or acquiring a bank if policy permits. The diversified group, based in Mumbai, plans to invest Rs 2,000 crore in its insurance business through Reliance Capital Ltd, which will have assets worth $15 billion under its management in the "next few weeks'', Ambani told shareholders. The company would also look at increasing its work force to 50,000 in the next two years, Ambani added. Reliance Capital group company -- Reliance Money, has emerged as the largest money transfer company in the private sector recently. Reliance Money, an electronic transaction platform, offers wide range of asset classes. It provides a single window access to equities, commodity derivatives, mutual funds, IPOs, life and general insurance products, offshore investments, money transfer, money changing and credit cards. In his speech Ambani also said, "Our goal is not just to build a great enterprise for our stakeholders, but also to build a great future for our country." In the short span of two years since becoming part of the newly-born Reliance ADA Group, the market capitalization of the group shot up nearly 800 %, from Rs 3,000 crore to over Rs 27,000 crore, creating additional shareholder wealth of over Rs 24,000 crore. The group's net worth is in excess of Rs 40,000 crore and cash flows across the Group are approximately Rs 9,000 crore and net profit is over Rs 5,000 crore. Reliance Capital is one of the country's fastest growing financial services powerhouse, with over 5 million customers.
|
