Painting a bright future for the Indian financial services sector, Anil Dhirubhai Ambani Group (ADAG) Chairman, Anil Ambani on Tuesday said that the headroom for (its) growth is virtually limitless.
In financial services, as in many other sectors of the Indian economy, we have barely scratched the surface, Ambani told shareholders at the annual general meeting (AGM) of Reliance Capital, a leading player in the Indian financial services space.
Continue reading Financial services sector has limitless growth: Anil Ambani
My dear fellow
I am delighted to welcome each one of you to this 23rd Annual General Meeting of our Company.
It has been a year of substantial achievements for our company, in the face of one of the toughest global economic downturn ever witnessed in history.
Continue reading Reliance Capital Annual General Meeting :Anil Ambani Speech
Reliance Capital is planning to unlock value by selling a part of its stake in its life insurance arm and foraying into investment banking, group Chairman Anil Ambani has told shareholders.
In addition, the Reliance Anil Dhirubhai Ambani Group (ADAG) has tweaked its private equity (PE) plans, which have been delayed by several months, to focus on domestic sources of funding.
We are considering various options to unlock value in our life insurance business, from a potential IPO (initial public offer) to strategic or financial stake sale or a combination of both. A final decision will be taken shortly, Ambani said at Reliance Capital’s annual general meeting here.
Continue reading Reliance Capital to sell life insurance stake
After foraying into the financial services business with Reliance Capital, Anil Ambani is now vying for a presence in the private equity investment space.
Reliance Private Equity, a part of the Reliance Anil Dhirubhai Ambani Group, is in the process of raising a private equity fund.
The fund is expected to raise Rs 2,000 crore, with a greenshoe option of another Rs 1,000 crore, totalling Rs 3,000 crore.
Continue reading Reliance Private Equity raising Rs 2,000 cr private equity fund
The Anil Dhirubhai Ambani Group’s Reliance Capital has unveiled an ambitious plan for the next three-five years, including an entry into banking industry, globalisation of operations and tripling the customer base to 50 million.
We have drawn up exciting growth plans for the next three to five years, Anil Ambani, chairman of Reliance Capital, informed his shareholders ahead of the company’s annual general meeting here later this month.
Continue reading Reliance Capital plans to enter into banking, overseas foray
Anil Dhirubhai Ambani Group firm Reliance Capital on Thursday said it has appointed Mr Shek Chee Seng as the CEO of its Singapore-based asset management subsidiary as part of plans to expand its financial services business across the globe.
Mr Chee Seng has been appointed as the new Chief Executive Officer of Reliance Asset Management (Singapore) Pte Ltd (RAMS), Reliance Capital said in a statement.
Mr Chee Seng, who was earlier with CITIC-Prudential Fund Management in China as its CEO, would directly report to Reliance Capital CEO and President (International Businesses) Mr Vikrant Gugnani, the company said.
Continue reading Reliance Asset Management Singapore appoints new CEO Mr Shek Chee Seng
Reliance Capital acquired over 26.75 lakh shares of the media company through open market purchases and allotment on conversion of partly convertible cumulative preference shares and warrants, Network 18 Media& Investments said in a filing with the Bombay Stock Exchange.
This resulted in Reliance Capital owning 52.30 lakh shares of the media company engaged in operating business news television channels, CNBC-TV18 and CNBC Awaaz, it said.
Prior to this latest acquisition, Reliance Capital held over 25.55 lakh equity shares, representing 3.55 per cent stake, of the electronic media firm, it said.
Continue reading Reliance Capital owning shares of Network 18 Media
Reliance Capital has raised 3.62 billion rupees through a bond sale that opened in April, two sources with knowledge of the deal said on Monday.
The company, part of India’s Anil Dhirubhai Ambani Group, sold three-year bonds carrying a coupon rate of 9.6 percent and five-year bonds with a coupon rate of 9.75 percent.
The issue had aimed to raise at least 2 billion rupees.
Continue reading Reliance Capital raises 3.62 billion rupees through bonds sale
The second half of 2008-09 saw Reliance Capital going slow on loans as raising funds was a problem. Besides, its revenue from distribution of financial products was affected and the number of life agents also dropped by over 60,000. Though the overall environment seems to be improving, Reliance Capital CEO Sam Ghosh tells Anirudh Laskar and Sidhartha that the company is opting to be cautious. Excerpts:
Insurance companies and mutual funds have been known to be buyers in the equity market during the first quarter of a financial year. What is the trend this time?
Most of the money in mutual funds comes from liquid funds. In equity, the participation of mutual funds has gone up but only marginally as the number of customers coming in was lower. As far as investment by insurance companies is concerned, there would have been a slowdown in investments in April. But if the market continues to remain above the 12,000-mark, insurance companies will start investing by May-June, though we have been investing in equities from April.
Continue reading ‘We will add more employees in future” : Reliance Capital CEO Sam Ghosh
Anil Ambani group firm Reliance Capital (BSE:500111) has hiked its stake in Indian battery maker HBL Power Systems (BSE:517271) to 7.80 per cent through open market transactions.
In a disclosure to the Bombay Stock Exchange, HBL Power Systems said Reliance Capital has bought 18,94,123 shares, or 7.80 per cent stake, in the Andhra Pradesh-based company between May 6 and May 7.
Calculated on the basis of average closing price of HBL Power on the two days, the deal value comes to about Rs 33.69 crore (US$6.8 million).
Continue reading Reliance Capital hiked its Stake In HBL Power System To 7.8 Per cent