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Reliance Capital buys stake in Grover Vineyards
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Anil Ambani Group company Reliance Capital is backing a merger deal between Grover Vineyards and smaller rival Valle de Vin to create India’s second largest wine company. The financial services company will join Singapore-based wine investor Ravi Viswanathan as a key stakeholder in the combined entity, Grover Zampa Wines.
The merger creates a new challenger to industry leader Sula Vineyards in the still nascent domestic wine market swelling over 1.5 million cases annually. Reliance Capital will have 18% stake in Grover Zampa. This would be its second wine investment after buying stake in the now troubled Indage Vintners.
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Reliance MF launches Gold Savings Fund
Anil Ambani group firm Reliance Mutual Fund today launched a new Gold Savings Fund, a first-of -its-kind investment scheme focused on gold, to tap a market that it expects to become bigger than even equity mutual funds.
The new fund, which is different from gold ETFs (Exchange Traded Funds) that require subscribers to have a demat account, will also offer investors the option to invest as little as Rs 100 per month, the company said here.
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Reliance Capital Q3 net up 68.2% to Rs 106.32 cr
Anil Ambani group company Reliance Capital today reported a 68.28 per cent rise in its net profit at Rs 106.32 crore for the quarter ended December 31, 2010.
The company had a net profit of Rs 63.18 crore in the October-December quarter a year ago, Reliance Capital said in a filing to the Bombay Stock Exchange .
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Reliance Capital to announce Q3 results on Feb 12, 2011
Reliance Capital Ltd has announced that a meeting of the Board of Directors of the Company will be held on February 12, 2011, inter alia, to consider and approve, unaudited financial results for the quarter ended December 31, 2010 (Q3).
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Reliance Securities to invest Rs 300 cr for online trading business
Anil Ambani group’s brokerage arm Reliance Securities is planning to invest Rs 300 crore for upgrading infrastructure, hiring staff and enhancing the capability of its online trading platform.
The company will make this investment over the next 3-5 years with an aim to upgrade the IT infrastructure and to add new features to its trading platform, sources said.
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Reliance Capital plans to enter into banking sector
Reliance Capital plans to enter the banking sector once the Reserve Bank of India (RBI) is ready with its final guidelines for new banking licence.
We have always regarded banking as a high-priority sector with huge potential, and are evaluating different options contained in the guidelines, said Anil Ambani, Chairman, Reliance Capital, while addressing the 24th annual meeting of the company here on Tuesday.
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Talk with Sundeep Sikka, CEO, Reliance Capital Asset Management Ltd
Sundeep Sikka, CEO, Reliance Capital Asset Management Ltd. (RCAM) has been instrumental in expanding RCAM’s footprints in both domestic and international territories. Sundeep has been with RCAM since November 2003 and has more than 13 years of leadership experience with NBFCs and Banks. Sundeep brings a proven track record of success and a broad understanding of the company’s business. Prior to RCAM, Sundeep has held a number of other senior management positions and his last stint was with ICICI Bank.
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ICRA verified A1+ rating to Reliance Capital
Credit rating agency, ICRA has reaffirmed the A1+ rating to Reliance Capital Rs 100 billion short term debt programme.
The rating re-affirmation reflects RCL’s association with Reliance Anil Dhirubhai Ambani (ADA) group one of India’s largest business groups, strong reported capitalisation levels amongst Indian Non-Banking Finance Companies, its improving liquidity & revenue profile.
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Reliance Capital, Daiwa to launch i-banking in India
Anil Ambani-controlled Reliance Capital, through its subsidiary Reliance Securities, is entering into a strategic alliance with Japan’s second-largest investment bank Daiwa Securities to set up investment banking business in India.
The deal will enable the two firms to share clients in their domestic markets. With Daiwa, Reliance Capital will be able to tap Japan’s pool of high net worth individuals who want a slice of the India story, said an official involved in the deal requesting anonymity as he is not authorised to speak to the media. A Reliance Capital spokesman declined to comment for this story.
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Anil Ambani gives up Rs 50cr in salary, fees
Anil Ambani has foregone salaries and commissions of over Rs 50 crore from his group firms in 2008-09 as part of an austerity measure. He will, however, still get over Rs 50 crore as sitting fees and the previous year’s commissions.
As chairman of five of his group’s listed firms — Reliance Communications, Reliance Capital, Reliance Power, Reliance Infrastructure and Reliance Natural Resources — he was paid Rs 52.078 crore as sitting fees along with commissions from these firms for fiscal 2007-08.
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