Advertisement

HindustanTimes Sat,12 Jul 2014

Exciting times for RelCap: Anil Ambani

PTI  New Delhi, August 04, 2013
First Published: 22:47 IST(4/8/2013) | Last Updated: 22:48 IST(4/8/2013)

Industrialist Anil Ambani has said that his group's financial services arm Reliance Capital has drawn up "exciting growth plans" and it intends to more than double its customer base in the next 3-5 years.

Advertisement

The company also expects to benefit in its proposed banking foray through partnership with Japan's Sumitomo Mitsui Trust Bank and Nippon Life Insurance, Ambani said in his annual letter to shareholders as chairman of Reliance Capital.

Reliance Capital is one of the 26 entities that have submitted their applications to RBI for banking licence.

The foreign partners propose to take between 4-5% stake each in the proposed new bank, subject to necessary regulatory approvals. "Both partners have vast experience in the financial services business in Asia, and we are extremely happy to partner with them for our proposed new bank," Ambani said.

Reliance Capital's plans include increasing customer base from 20 million to 50 million, expanding distribution reach from 5,000 to 25,000 cities and towns and escalating the number of business partners from half a million to one million. "Together these initiatives will further accelerate our growth and lead to substantial value creation for all," Ambani said.


Advertisement
more from Business

Doubling of tax on debt mutual funds to hit retirees

On Thursday, finance minister Arun Jaitley gave investors and the mutual fund industry a jolt by increasing the long-term capital gains tax on debt mutual funds to 20% from 10%. The definition of long-term has also been changed to 36 months for non-equity MFs from 12 months.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved