Flush with billions of dollars in cash, Mukesh Ambani-led Reliance Industries Ltd has parked over R800 crore in various mutual fund schemes of Anil Ambani-led Reliance Group.
RIL has made these investments mostly in the Fixed Maturity Plans and other debt schemes of Reliance Mutual Fund, market sources said.
Reliance MF is part of Reliance Group’s financial services arm Reliance Capital Ltd.
RIL and the Anil Ambani group had on Tuesday announced their first business partnership since a bitter family split in 2005. The two groups have agreed to share optic fibre cables and other telecom infrastructure including telecommunications towers for their respective ventures, Reliance Jio Infocomm and RCOM, in a R1,200-crore deal.
The two groups, which about three years ago had scrapped a non-compete agreement between them, have now also agreed for a comprehensive framework of business cooperation.
The Reliance MF schemes that had significant exposure to RIL at the end of 2011-12 included its Growth Fund, Vision Fund, Power sector fund, Quant Plus Fund, Equity Opportunities Fund, Top-200 Fund, Natural Resources Fund and ELSS Fund.